https://www.taxtmi.com/caselaws?id=420437 The Tribunal dismissed the Revenue's appeal and allowed the assessee's cross-objection, affirming the CIT(A)'s deletion of the addition made under Section 68 of the IT Act and questioning the validity of the reassessment proceedings. The Tribunal emphasized the importance of material evidence over suspicion in tax assessments and upheld the genuineness of the assessee's transactions based on the presented documents and judicial precedents. en-us Wed, 30 Mar 2022 00:00:00 +0530 Sat, 02 Apr 2022 08:35:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420437 The Tribunal dismissed the Revenue's appeal and allowed the assessee's cross-objection, affirming the CIT(A)'s deletion of the addition made under Section 68 of the IT Act and questioning the validity of the reassessment proceedings. The Tribunal emphasized the importance of material evidence over suspicion in tax assessments and upheld the genuineness of the assessee's transactions based on the presented documents and judicial precedents. Case-Laws Income Tax Wed, 30 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420437