https://www.taxtmi.com/caselaws?id=754590 The ITAT Chennai ruled against the revenue in a case involving additions under section 68 where the assessee initially could not furnish income tax returns of capital contributing entities. During appellate proceedings, it was established that notices under section 148 were issued to the contributing trusts, which filed returns subjected to scrutiny assessment. The AO accepted the returned income under section 147 read with section 144B, confirming deposits totaling Rs. 40.30 crores from two trusts as the source of the assessee's time deposits. The tribunal concluded the assessee successfully proved the identity, creditworthiness, and genuineness of transactions, rejecting the revenue's case. en-us Wed, 17 Jan 2024 00:00:00 +0530 Thu, 27 Jun 2024 08:55:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754590 The ITAT Chennai ruled against the revenue in a case involving additions under section 68 where the assessee initially could not furnish income tax returns of capital contributing entities. During appellate proceedings, it was established that notices under section 148 were issued to the contributing trusts, which filed returns subjected to scrutiny assessment. The AO accepted the returned income under section 147 read with section 144B, confirming deposits totaling Rs. 40.30 crores from two trusts as the source of the assessee's time deposits. The tribunal concluded the assessee successfully proved the identity, creditworthiness, and genuineness of transactions, rejecting the revenue's case. Case-Laws Income Tax Wed, 17 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754590