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Income Tax - Highlights / Catch Notes

Home Highlights February 2024 Year 2024 This

Addition u/s 68 - The Tribunal, in dismissing the revenue's ...

Income Tax

February 14, 2024

Addition u/s 68 - The Tribunal, in dismissing the revenue's appeal, noted that while the AO had raised suspicions regarding the genuineness of the transaction, no tangible material was brought on record to support such suspicions. The assessee had disclosed the names of the jewellers to whom the jewellery was sold, along with evidence of payment through banking channels. - Now High Court confirmed the order of ITAT.

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