https://www.taxtmi.com/caselaws?id=417011 The Tribunal quashed the reassessment proceedings due to the lack of independent verification by the Assessing Officer, citing precedents emphasizing the need for substantiated information. The addition under Section 68 for unexplained credits was deleted as the assessee provided substantial evidence of the genuineness of transactions, and the A.O. failed to counter it. Similarly, additions under Section 69C and Section 14A read with Rule 8D were deleted for lack of merit, with the Tribunal upholding the decisions of the Ld. CIT(A). The disallowance of salary expenses was also overturned, as the A.O.'s doubts were deemed unfounded, and the employer-employee relationship was considered valid. en-us Fri, 24 Dec 2021 00:00:00 +0530 Thu, 13 Jan 2022 09:00:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417011 The Tribunal quashed the reassessment proceedings due to the lack of independent verification by the Assessing Officer, citing precedents emphasizing the need for substantiated information. The addition under Section 68 for unexplained credits was deleted as the assessee provided substantial evidence of the genuineness of transactions, and the A.O. failed to counter it. Similarly, additions under Section 69C and Section 14A read with Rule 8D were deleted for lack of merit, with the Tribunal upholding the decisions of the Ld. CIT(A). The disallowance of salary expenses was also overturned, as the A.O.'s doubts were deemed unfounded, and the employer-employee relationship was considered valid. Case-Laws Income Tax Fri, 24 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417011