https://www.taxtmi.com/caselaws?id=436440 The appeal was partly allowed in favor of the assessee. The court directed the AO to delete the addition of Rs. 10 lakhs under section 68 as the transaction was deemed genuine, supported by proper documentation. The court emphasized that the principles of natural justice were not followed during the assessment proceedings, highlighting the importance of providing opportunities for cross-examination and relevant document submission. The decision underscored the necessity of adhering to due process and ensuring a fair defense for the assessee during assessments. en-us Tue, 14 Mar 2023 00:00:00 +0530 Thu, 13 Apr 2023 07:59:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436440 The appeal was partly allowed in favor of the assessee. The court directed the AO to delete the addition of Rs. 10 lakhs under section 68 as the transaction was deemed genuine, supported by proper documentation. The court emphasized that the principles of natural justice were not followed during the assessment proceedings, highlighting the importance of providing opportunities for cross-examination and relevant document submission. The decision underscored the necessity of adhering to due process and ensuring a fair defense for the assessee during assessments. Case-Laws Income Tax Tue, 14 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436440