https://www.taxtmi.com/caselaws?id=755314 The ITAT allowed the assessee's appeals for statistical purposes, directing the Assessing Officer to reexamine and verify depositor details under section 68 of the IT Act. The appeals arose from NFAC orders concerning unconfirmed cash credit and disallowed amounts under sections 68 and 40A(3) for A.Ys. 2006-07 and 2007-08. The ITAT emphasized the necessity for further investigation, considering ongoing EOW and CBI investigations and Orissa HC's involvement in similar cases. The assessee was tasked with providing necessary evidence to substantiate transactions, underscoring the importance of thorough verification in tax assessments. en-us Fri, 31 May 2024 00:00:00 +0530 Wed, 10 Jul 2024 20:04:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755314 The ITAT allowed the assessee's appeals for statistical purposes, directing the Assessing Officer to reexamine and verify depositor details under section 68 of the IT Act. The appeals arose from NFAC orders concerning unconfirmed cash credit and disallowed amounts under sections 68 and 40A(3) for A.Ys. 2006-07 and 2007-08. The ITAT emphasized the necessity for further investigation, considering ongoing EOW and CBI investigations and Orissa HC's involvement in similar cases. The assessee was tasked with providing necessary evidence to substantiate transactions, underscoring the importance of thorough verification in tax assessments. Case-Laws Income Tax Fri, 31 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755314