https://www.taxtmi.com/caselaws?id=462087 The ITAT Delhi upheld additions under Section 68 of the Income Tax Act, finding that the assessee failed to prove the genuineness of business transactions. The tribunal determined that tax authorities correctly examined the entire transaction as potentially fraudulent, with concurrent findings from two quasi-judicial authorities supporting concerns about transaction authenticity. The assessee could not discharge the burden of proof required under Section 68's deeming income provisions. The tribunal found no prima facie case for the assessee and refused to interfere with recovery proceedings initiated by the AO, though the assessee retained liberty to approach the AO regarding payment plans or securitization of the disputed tax demand. en-us Fri, 05 Apr 2024 00:00:00 +0530 Wed, 21 May 2025 21:35:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462087 The ITAT Delhi upheld additions under Section 68 of the Income Tax Act, finding that the assessee failed to prove the genuineness of business transactions. The tribunal determined that tax authorities correctly examined the entire transaction as potentially fraudulent, with concurrent findings from two quasi-judicial authorities supporting concerns about transaction authenticity. The assessee could not discharge the burden of proof required under Section 68's deeming income provisions. The tribunal found no prima facie case for the assessee and refused to interfere with recovery proceedings initiated by the AO, though the assessee retained liberty to approach the AO regarding payment plans or securitization of the disputed tax demand. Case-Laws Income Tax Fri, 05 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462087