https://www.taxtmi.com/caselaws?id=417359 The Tribunal dismissed the appeal by the Revenue and the cross-objection by the assessee, upholding the CIT(A)'s decision to delete the addition under Section 68 of the Income Tax Act, 1961. Additionally, the initiation of proceedings under Section 153A was validated based on the incriminating material found during the search, supporting the AO's actions. The Tribunal emphasized the sufficiency of evidence provided by the assessee to establish the genuineness of transactions and the financial capacity of the investor companies, leading to the deletion of the addition under Section 68. en-us Tue, 14 Dec 2021 00:00:00 +0530 Tue, 09 Aug 2022 17:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417359 The Tribunal dismissed the appeal by the Revenue and the cross-objection by the assessee, upholding the CIT(A)'s decision to delete the addition under Section 68 of the Income Tax Act, 1961. Additionally, the initiation of proceedings under Section 153A was validated based on the incriminating material found during the search, supporting the AO's actions. The Tribunal emphasized the sufficiency of evidence provided by the assessee to establish the genuineness of transactions and the financial capacity of the investor companies, leading to the deletion of the addition under Section 68. Case-Laws Income Tax Tue, 14 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417359