https://www.taxtmi.com/caselaws?id=430114 The Tribunal allowed the appeal of the assessee concerning the addition of Rs. 1,08,00,000 under Section 68 of the Income Tax Act, 1961. The Tribunal found that the assessee provided sufficient evidence to establish the identity, creditworthiness, and genuineness of the transactions. It disagreed with the lower authorities' conclusions, noting the substantial net worth of the investor companies and their legitimate investments. Additionally, the Tribunal held that the first proviso to Section 68 was not applicable for the relevant assessment year. Therefore, the Tribunal set aside the order of the lower authority and ruled in favor of the assessee. en-us Wed, 09 Nov 2022 00:00:00 +0530 Fri, 11 Nov 2022 09:02:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430114 The Tribunal allowed the appeal of the assessee concerning the addition of Rs. 1,08,00,000 under Section 68 of the Income Tax Act, 1961. The Tribunal found that the assessee provided sufficient evidence to establish the identity, creditworthiness, and genuineness of the transactions. It disagreed with the lower authorities' conclusions, noting the substantial net worth of the investor companies and their legitimate investments. Additionally, the Tribunal held that the first proviso to Section 68 was not applicable for the relevant assessment year. Therefore, the Tribunal set aside the order of the lower authority and ruled in favor of the assessee. Case-Laws Income Tax Wed, 09 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430114