https://www.taxtmi.com/caselaws?id=430046 An addition under section 68 for alleged bogus commodity profit was held unsustainable where the assessee denied any commodity transaction through the named broker and produced bank material showing no corresponding credit. The Revenue relied mainly on third-party investigation information but did not obtain broker records, KYC documents, account details, or other independent evidence to connect any alleged receipt to the assessee. Once the assessee gave a categorical denial and produced material negating receipt, the evidentiary burden shifted to the Revenue to substantiate the credit. In the absence of cogent verification, the addition was directed to be deleted. en-us Thu, 27 Oct 2022 00:00:00 +0530 Wed, 09 Nov 2022 13:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430046 An addition under section 68 for alleged bogus commodity profit was held unsustainable where the assessee denied any commodity transaction through the named broker and produced bank material showing no corresponding credit. The Revenue relied mainly on third-party investigation information but did not obtain broker records, KYC documents, account details, or other independent evidence to connect any alleged receipt to the assessee. Once the assessee gave a categorical denial and produced material negating receipt, the evidentiary burden shifted to the Revenue to substantiate the credit. In the absence of cogent verification, the addition was directed to be deleted. Case-Laws Income Tax Thu, 27 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430046