https://www.taxtmi.com/caselaws?id=433149 The Tribunal allowed the appeal, deleting additions under Sections 68 and 56(2)(viib) of the Income Tax Act. The Tribunal found the assessee had provided sufficient evidence to prove the genuineness of transactions, shifting the burden of proof to the revenue. The income enhancement under Section 251 was set aside due to procedural errors, including lack of notice. The judgment highlighted the importance of procedural compliance and the burden of proof in tax assessments. en-us Thu, 19 Jan 2023 00:00:00 +0530 Fri, 20 Jan 2023 12:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433149 The Tribunal allowed the appeal, deleting additions under Sections 68 and 56(2)(viib) of the Income Tax Act. The Tribunal found the assessee had provided sufficient evidence to prove the genuineness of transactions, shifting the burden of proof to the revenue. The income enhancement under Section 251 was set aside due to procedural errors, including lack of notice. The judgment highlighted the importance of procedural compliance and the burden of proof in tax assessments. Case-Laws Income Tax Thu, 19 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433149