https://www.taxtmi.com/caselaws?id=427776 The Appellate Tribunal ruled in favor of the assessee, emphasizing the importance of substantiating cash transactions under section 68 of the Income Tax Act. The Tribunal held that the assessee had successfully discharged the burden of proof by providing necessary details regarding the transactions' genuineness and parties' creditworthiness. It was noted that the amendment requiring the source of source justification was not applicable for the relevant assessment year. Consequently, the Tribunal directed the Assessing Officer to delete the addition, allowing the assessee's appeal. en-us Wed, 14 Sep 2022 00:00:00 +0530 Fri, 16 Sep 2022 08:14:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427776 The Appellate Tribunal ruled in favor of the assessee, emphasizing the importance of substantiating cash transactions under section 68 of the Income Tax Act. The Tribunal held that the assessee had successfully discharged the burden of proof by providing necessary details regarding the transactions' genuineness and parties' creditworthiness. It was noted that the amendment requiring the source of source justification was not applicable for the relevant assessment year. Consequently, the Tribunal directed the Assessing Officer to delete the addition, allowing the assessee's appeal. Case-Laws Income Tax Wed, 14 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427776