https://www.taxtmi.com/caselaws?id=427510 The Income Tax Appellate Tribunal (ITAT) ruled in favor of the assessee, deleting the addition made under Section 68 of the Income Tax Act, 1961. The ITAT found that the Assessing Officer (AO) did not adequately counter the evidence provided by the assessee and heavily relied on the Investigation Wing's report. The ITAT noted similarities with a previous case involving the deceased assessee's father, where the addition was deleted. Consequently, the ITAT allowed the appeal, overturning the decision of the AO and the Commissioner of Income Tax (Appeals) in favor of the assessee. en-us Thu, 04 Aug 2022 00:00:00 +0530 Fri, 09 Sep 2022 12:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427510 The Income Tax Appellate Tribunal (ITAT) ruled in favor of the assessee, deleting the addition made under Section 68 of the Income Tax Act, 1961. The ITAT found that the Assessing Officer (AO) did not adequately counter the evidence provided by the assessee and heavily relied on the Investigation Wing's report. The ITAT noted similarities with a previous case involving the deceased assessee's father, where the addition was deleted. Consequently, the ITAT allowed the appeal, overturning the decision of the AO and the Commissioner of Income Tax (Appeals) in favor of the assessee. Case-Laws Income Tax Thu, 04 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427510