https://www.taxtmi.com/caselaws?id=431741 The court dismissed the appeal challenging the ITAT's decision to delete the addition of Rs.1,60,18,923 as unexplained credit under Section 68 read with Section 115BBE of the Income Tax Act, 1961. The court found no substantial question of law, emphasizing the lack of material evidence to support the Revenue's claims of fictitious transactions. It distinguished the present case from Suman Poddar v. ITO and Sumati Dayal v. CIT, highlighting the necessity for evidence over mere suspicion. The court upheld the ITAT's findings, agreeing that the assessing officer's conclusions were unsupported by material evidence. en-us Wed, 23 Nov 2022 00:00:00 +0530 Wed, 25 Oct 2023 10:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431741 The court dismissed the appeal challenging the ITAT's decision to delete the addition of Rs.1,60,18,923 as unexplained credit under Section 68 read with Section 115BBE of the Income Tax Act, 1961. The court found no substantial question of law, emphasizing the lack of material evidence to support the Revenue's claims of fictitious transactions. It distinguished the present case from Suman Poddar v. ITO and Sumati Dayal v. CIT, highlighting the necessity for evidence over mere suspicion. The court upheld the ITAT's findings, agreeing that the assessing officer's conclusions were unsupported by material evidence. Case-Laws Income Tax Wed, 23 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431741