https://www.taxtmi.com/caselaws?id=434444 The Tribunal upheld the validity of the notice issued under Section 148, dismissing challenges to the jurisdiction. Regarding the addition of Rs. 5.05 crores as unexplained cash credit under Section 68, the Tribunal found in favor of the assessee. It noted that the funds were received in the ordinary course of business for purchasing shares on behalf of clients, supported by extensive documentation. The Tribunal criticized the lack of evidentiary support by the tax authorities and reversed the decision, deleting the addition of Rs. 5.05 crores. The appeal was partly allowed in favor of the assessee. en-us Thu, 16 Feb 2023 00:00:00 +0530 Thu, 23 Feb 2023 12:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434444 The Tribunal upheld the validity of the notice issued under Section 148, dismissing challenges to the jurisdiction. Regarding the addition of Rs. 5.05 crores as unexplained cash credit under Section 68, the Tribunal found in favor of the assessee. It noted that the funds were received in the ordinary course of business for purchasing shares on behalf of clients, supported by extensive documentation. The Tribunal criticized the lack of evidentiary support by the tax authorities and reversed the decision, deleting the addition of Rs. 5.05 crores. The appeal was partly allowed in favor of the assessee. Case-Laws Income Tax Thu, 16 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434444