https://www.taxtmi.com/caselaws?id=429598 The Tax Appeal challenged the addition of funds under section 68 of the Income Tax Act, 1961, received from M/s. Rachna Finlease Pvt. Ltd. The Appellate Authority and Tribunal found the appellant had adequately explained the source of funds and proved the genuineness of the transaction, rejecting the Assessing Officer's doubts. Despite the assessment being reopened under section 147 based on investigating wing information, subsequent appeals were dismissed, affirming the appellant's compliance with section 68 requirements. The Tribunal upheld the decisions, emphasizing the appellant's successful discharge of the burden of proof and dismissing the appeal challenging the unexplained cash credits. en-us Mon, 11 Jul 2022 00:00:00 +0530 Tue, 01 Nov 2022 10:17:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429598 The Tax Appeal challenged the addition of funds under section 68 of the Income Tax Act, 1961, received from M/s. Rachna Finlease Pvt. Ltd. The Appellate Authority and Tribunal found the appellant had adequately explained the source of funds and proved the genuineness of the transaction, rejecting the Assessing Officer's doubts. Despite the assessment being reopened under section 147 based on investigating wing information, subsequent appeals were dismissed, affirming the appellant's compliance with section 68 requirements. The Tribunal upheld the decisions, emphasizing the appellant's successful discharge of the burden of proof and dismissing the appeal challenging the unexplained cash credits. Case-Laws Income Tax Mon, 11 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429598