https://www.taxtmi.com/caselaws?id=417467 The Income Tax Appellate Tribunal (ITAT) ruled in favor of the assessee, holding that the revenue authorities failed to substantiate the addition of Rs. 42,70,00,000 under section 68 for unexplained cash credits. The reassessment proceedings and revision order under section 263 were deemed valid, but the ITAT found the Assessing Officer's addition lacked proper investigation and evidence. The ITAT allowed the assessee's appeal and deleted the said addition, emphasizing the revenue's failure to disprove the genuineness of the transactions adequately. en-us Wed, 12 Jan 2022 00:00:00 +0530 Thu, 05 May 2022 12:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417467 The Income Tax Appellate Tribunal (ITAT) ruled in favor of the assessee, holding that the revenue authorities failed to substantiate the addition of Rs. 42,70,00,000 under section 68 for unexplained cash credits. The reassessment proceedings and revision order under section 263 were deemed valid, but the ITAT found the Assessing Officer's addition lacked proper investigation and evidence. The ITAT allowed the assessee's appeal and deleted the said addition, emphasizing the revenue's failure to disprove the genuineness of the transactions adequately. Case-Laws Income Tax Wed, 12 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417467