https://www.taxtmi.com/caselaws?id=304874 The Tribunal found in favor of the assessee, emphasizing the importance of concrete evidence, due process, and the necessity for the AO to record satisfaction before initiating proceedings under Section 153C of the Income Tax Act. The burden of proof regarding the genuineness of transactions was deemed adequately discharged by the assessee's documentation. Additions based on assumptions and retracted statements were deleted, and the assessment under Section 153C was declared invalid due to the absence of recorded satisfaction by the AO. en-us Mon, 15 Oct 2018 00:00:00 +0530 Mon, 01 May 2023 15:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304874 The Tribunal found in favor of the assessee, emphasizing the importance of concrete evidence, due process, and the necessity for the AO to record satisfaction before initiating proceedings under Section 153C of the Income Tax Act. The burden of proof regarding the genuineness of transactions was deemed adequately discharged by the assessee's documentation. Additions based on assumptions and retracted statements were deleted, and the assessment under Section 153C was declared invalid due to the absence of recorded satisfaction by the AO. Case-Laws Income Tax Mon, 15 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304874