https://www.taxtmi.com/caselaws?id=464105 ITAT held in favor of the assessee, setting aside an addition under section 68 of the Act. The Bench found the assessee had discharged onus by producing material evidence showing identity and banking-mode payments; AO failed to bring evidence to discredit those transactions. The 2012 amendment to s.68 operates from 1 April 2013 (applicable from AY 2013-14) and the 2022 amendment cannot be applied retrospectively to AY 2011-12. Accordingly, the addition of Rs.1,500,000 was deleted. en-us Tue, 30 Jan 2024 00:00:00 +0530 Sun, 05 Oct 2025 20:48:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464105 ITAT held in favor of the assessee, setting aside an addition under section 68 of the Act. The Bench found the assessee had discharged onus by producing material evidence showing identity and banking-mode payments; AO failed to bring evidence to discredit those transactions. The 2012 amendment to s.68 operates from 1 April 2013 (applicable from AY 2013-14) and the 2022 amendment cannot be applied retrospectively to AY 2011-12. Accordingly, the addition of Rs.1,500,000 was deleted. Case-Laws Income Tax Tue, 30 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464105