https://www.taxtmi.com/caselaws?id=426050 The ITAT allowed the appeal of the assessee, overturning the decision of the lower authorities. The ITAT found that the AO did not properly verify the transactions or possess necessary documents, leading to inconsistencies in the reasons recorded and the additions made to the assessee's income. As a result, the addition of Rs. 19,96,990 was deleted due to the lack of proper verification and failure to establish a clear connection between the allegations and the income additions. en-us Thu, 14 Jul 2022 00:00:00 +0530 Fri, 05 Aug 2022 18:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426050 The ITAT allowed the appeal of the assessee, overturning the decision of the lower authorities. The ITAT found that the AO did not properly verify the transactions or possess necessary documents, leading to inconsistencies in the reasons recorded and the additions made to the assessee's income. As a result, the addition of Rs. 19,96,990 was deleted due to the lack of proper verification and failure to establish a clear connection between the allegations and the income additions. Case-Laws Income Tax Thu, 14 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426050