https://www.taxtmi.com/caselaws?id=440226 The Tribunal dismissed the Revenue's appeal, affirming that the CIT(A) correctly deleted the protective addition of Rs. 28.68 crores under Section 68 of the Income Tax Act. The Tribunal held that the source of funds from the individuals was verified by their respective AOs, establishing the genuineness of the transactions. It was emphasized that parallel assessments for the same income on different persons were not allowed. The Tribunal upheld the CIT(A)'s decision, stating that the provisions of Section 68 did not require verification of the "source of the source." en-us Wed, 05 Jul 2023 00:00:00 +0530 Wed, 12 Jul 2023 17:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440226 The Tribunal dismissed the Revenue's appeal, affirming that the CIT(A) correctly deleted the protective addition of Rs. 28.68 crores under Section 68 of the Income Tax Act. The Tribunal held that the source of funds from the individuals was verified by their respective AOs, establishing the genuineness of the transactions. It was emphasized that parallel assessments for the same income on different persons were not allowed. The Tribunal upheld the CIT(A)'s decision, stating that the provisions of Section 68 did not require verification of the "source of the source." Case-Laws Income Tax Wed, 05 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440226