https://www.taxtmi.com/caselaws?id=436152 The Tribunal found in favor of the Revenue in six cross-appeals for the assessment year 2016-17, upholding the applicability of sec.56(2)(vii)(b) and directing the Assessing Officer to recalculate the addition based on specific directives. The decision emphasized the need for assessees to provide concrete evidence to substantiate claims, highlighting the burden of proof on taxpayers in tax proceedings. It underscored the importance of adhering to statutory requirements and furnishing comprehensive documentation to support assertions in tax disputes. en-us Wed, 08 Feb 2023 00:00:00 +0530 Thu, 06 Apr 2023 08:24:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436152 The Tribunal found in favor of the Revenue in six cross-appeals for the assessment year 2016-17, upholding the applicability of sec.56(2)(vii)(b) and directing the Assessing Officer to recalculate the addition based on specific directives. The decision emphasized the need for assessees to provide concrete evidence to substantiate claims, highlighting the burden of proof on taxpayers in tax proceedings. It underscored the importance of adhering to statutory requirements and furnishing comprehensive documentation to support assertions in tax disputes. Case-Laws Income Tax Wed, 08 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436152