https://www.taxtmi.com/caselaws?id=448543 The ITAT Mumbai dismissed the AO's appeal in an assessment under section 153A for AY 2017-18, 2019-20, and 2020-21. The AO had made additions under section 68 alleging seizure of incriminating material and failure to prove transaction genuineness. However, the CIT(A) deleted the additions, which the ITAT upheld. The tribunal found that no incriminating documents were actually seized during the search, and the assessee had properly disclosed income from facilitator agreements in original returns with supporting documentation. The assessee discharged the burden of proof by providing confirmations, agreements, invoices, and board meeting minutes, while the AO failed to conduct adequate enquiries to disprove the transactions' genuineness. en-us Fri, 17 Nov 2023 00:00:00 +0530 Sat, 20 Jan 2024 10:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448543 The ITAT Mumbai dismissed the AO's appeal in an assessment under section 153A for AY 2017-18, 2019-20, and 2020-21. The AO had made additions under section 68 alleging seizure of incriminating material and failure to prove transaction genuineness. However, the CIT(A) deleted the additions, which the ITAT upheld. The tribunal found that no incriminating documents were actually seized during the search, and the assessee had properly disclosed income from facilitator agreements in original returns with supporting documentation. The assessee discharged the burden of proof by providing confirmations, agreements, invoices, and board meeting minutes, while the AO failed to conduct adequate enquiries to disprove the transactions' genuineness. Case-Laws Income Tax Fri, 17 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448543