https://www.taxtmi.com/caselaws?id=420505 The Tribunal reversed the CIT(A)'s enhancement of assessment, citing lack of concrete evidence and proper verification. The Tribunal deleted penalties imposed due to the reversed enhancement. While explaining the sources of certain investments, the Tribunal partially allowed the appeal for the assessment year 2015-16, upholding unexplained cash credits but deleting unexplained investments. The decision underscored the necessity of concrete evidence and verification in tax assessments. en-us Thu, 31 Mar 2022 00:00:00 +0530 Sat, 02 Apr 2022 12:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420505 The Tribunal reversed the CIT(A)'s enhancement of assessment, citing lack of concrete evidence and proper verification. The Tribunal deleted penalties imposed due to the reversed enhancement. While explaining the sources of certain investments, the Tribunal partially allowed the appeal for the assessment year 2015-16, upholding unexplained cash credits but deleting unexplained investments. The decision underscored the necessity of concrete evidence and verification in tax assessments. Case-Laws Income Tax Thu, 31 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420505