https://www.taxtmi.com/caselaws?id=446958 ITAT Surat allowed the assessee's appeal regarding addition under section 68. The court noted that after setting off the assessee's net loss against the addition, the remaining balance was minimal and covered by the exempted limit of Rs. 2.50 lakh for non-filers. The assessee provided sufficient evidence proving transaction genuineness. Following SC precedent in Sreelekha Bannerjee, the court held that revenue must show inherent weakness or rebut evidence before rejection. The balance addition was deleted, deciding in favor of the assessee. en-us Wed, 13 Dec 2023 00:00:00 +0530 Fri, 15 Dec 2023 10:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446958 ITAT Surat allowed the assessee's appeal regarding addition under section 68. The court noted that after setting off the assessee's net loss against the addition, the remaining balance was minimal and covered by the exempted limit of Rs. 2.50 lakh for non-filers. The assessee provided sufficient evidence proving transaction genuineness. Following SC precedent in Sreelekha Bannerjee, the court held that revenue must show inherent weakness or rebut evidence before rejection. The balance addition was deleted, deciding in favor of the assessee. Case-Laws Income Tax Wed, 13 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446958