https://www.taxtmi.com/caselaws?id=304443 The High Court ruled in favor of the Assessee in a challenge to an assessment order under Section 260-A of the Income Tax Act, 1961. The Court held that the Assessee had fulfilled the burden under Section 68 of the Act, and the addition made by the Assessing Authority was not sustainable as the Revenue had not discharged its corollary onus. The Court found fault with the Tribunal's decision, emphasizing the need for the Assessing Authority to consider transactions of persons involved with the Assessee and overturned the Tribunal's decision, allowing the Assessee's appeal. en-us Tue, 04 Apr 2017 00:00:00 +0530 Tue, 27 Sep 2022 07:15:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304443 The High Court ruled in favor of the Assessee in a challenge to an assessment order under Section 260-A of the Income Tax Act, 1961. The Court held that the Assessee had fulfilled the burden under Section 68 of the Act, and the addition made by the Assessing Authority was not sustainable as the Revenue had not discharged its corollary onus. The Court found fault with the Tribunal's decision, emphasizing the need for the Assessing Authority to consider transactions of persons involved with the Assessee and overturned the Tribunal's decision, allowing the Assessee's appeal. Case-Laws Income Tax Tue, 04 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304443