https://www.taxtmi.com/caselaws?id=308352 The Tribunal upheld the deletion of additions made under Section 68 of the Income Tax Act, including the disallowance of consequential interest, as the assessee successfully proved the genuineness of the transactions and the Revenue failed to provide contrary evidence. The Tribunal also affirmed the deletion of penalty under Section 271(1)(c) for the relevant assessment year, as the quantum addition under Section 68 had been deleted, rendering the penalty baseless. The Revenue's appeals were dismissed, and the Tribunal supported the decisions of the CIT(A) in favor of the assessee. en-us Mon, 14 Jun 2021 00:00:00 +0530 Mon, 19 Jun 2023 21:42:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308352 The Tribunal upheld the deletion of additions made under Section 68 of the Income Tax Act, including the disallowance of consequential interest, as the assessee successfully proved the genuineness of the transactions and the Revenue failed to provide contrary evidence. The Tribunal also affirmed the deletion of penalty under Section 271(1)(c) for the relevant assessment year, as the quantum addition under Section 68 had been deleted, rendering the penalty baseless. The Revenue's appeals were dismissed, and the Tribunal supported the decisions of the CIT(A) in favor of the assessee. Case-Laws Income Tax Mon, 14 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308352