https://www.taxtmi.com/caselaws?id=436656 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 2 crores in a tax case. The cash receipt found at a third party's premises was deemed insufficient evidence to penalize the assessee, as it lacked corroboration and was not directly linked to the assessee. The Tribunal emphasized that transactions conducted through banking channels were genuine, referencing judicial precedents to support its decision. The challenge to the initiation of proceedings under section 147 was dismissed as the assessee succeeded on the merits. en-us Wed, 22 Mar 2023 00:00:00 +0530 Mon, 17 Apr 2023 11:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436656 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 2 crores in a tax case. The cash receipt found at a third party's premises was deemed insufficient evidence to penalize the assessee, as it lacked corroboration and was not directly linked to the assessee. The Tribunal emphasized that transactions conducted through banking channels were genuine, referencing judicial precedents to support its decision. The challenge to the initiation of proceedings under section 147 was dismissed as the assessee succeeded on the merits. Case-Laws Income Tax Wed, 22 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436656