https://www.taxtmi.com/caselaws?id=755660 ITAT Raipur remanded a case involving unexplained cash credit under section 68 back to the AO for fresh examination. The assessee failed to adequately prove the source of cash receipts at both assessment and appellate stages. However, considering additional evidence presented, the tribunal found merit in the assessee's contentions subject to verification. The matter was restored to AO with directions to provide reasonable opportunity of hearing and examine evidence to determine genuineness of transactions. The department's appeal was partly allowed for statistical purposes. en-us Thu, 30 Nov 2023 00:00:00 +0530 Wed, 17 Jul 2024 08:05:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755660 ITAT Raipur remanded a case involving unexplained cash credit under section 68 back to the AO for fresh examination. The assessee failed to adequately prove the source of cash receipts at both assessment and appellate stages. However, considering additional evidence presented, the tribunal found merit in the assessee's contentions subject to verification. The matter was restored to AO with directions to provide reasonable opportunity of hearing and examine evidence to determine genuineness of transactions. The department's appeal was partly allowed for statistical purposes. Case-Laws Income Tax Thu, 30 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755660