https://www.taxtmi.com/caselaws?id=430456 The Tribunal allowed the appeal, directing the deletion of the addition of Rs.45.00 lakhs under section 68 of the Income Tax Act. It found that the assessee successfully proved the cash credits with necessary documents, shifting the burden to the assessing officer, who failed to rebut the evidence. The Tribunal emphasized the need to decide each case based on its facts and concluded that the addition was unjustified in this instance. As the assessee met the burden of proof, the issue of reopening the assessment was deemed academic and not addressed. en-us Mon, 07 Nov 2022 00:00:00 +0530 Sat, 19 Nov 2022 08:59:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430456 The Tribunal allowed the appeal, directing the deletion of the addition of Rs.45.00 lakhs under section 68 of the Income Tax Act. It found that the assessee successfully proved the cash credits with necessary documents, shifting the burden to the assessing officer, who failed to rebut the evidence. The Tribunal emphasized the need to decide each case based on its facts and concluded that the addition was unjustified in this instance. As the assessee met the burden of proof, the issue of reopening the assessment was deemed academic and not addressed. Case-Laws Income Tax Mon, 07 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430456