Court Rules Genuine Transactions Through Banks u/s 68; Dismisses Additions by Assessing Officer as Unsustainable. https://www.taxtmi.com/highlights?id=71868 Addition u/s 68 - allegation that assessee had taken bogus loans from individuals who were engaged in cheque discounting activities - if the transaction is through regular banking channels and creditor has confirmed the transactions, such transactions are genuine and therefore, addition made by the assessing officer are not sustainable. - HC en-us Wed, 06 Sep 2023 16:17:33 +0530 Wed, 06 Sep 2023 16:17:33 +0530 TaxTMI RSS Generator Court Rules Genuine Transactions Through Banks u/s 68; Dismisses Additions by Assessing Officer as Unsustainable. https://www.taxtmi.com/highlights?id=71868 Addition u/s 68 - allegation that assessee had taken bogus loans from individuals who were engaged in cheque discounting activities - if the transaction is through regular banking channels and creditor has confirmed the transactions, such transactions are genuine and therefore, addition made by the assessing officer are not sustainable. - HC Highlights Income Tax Wed, 06 Sep 2023 16:17:33 +0530 https://www.taxtmi.com/highlights?id=71868