Allahabad HC upholds Deletion of Income Tax addition u/s 68 of Income Tax Act as Assessee Proves Genuineness of Transaction [Read Order] 

The Allahabad HC upheld the deletion of Income Tax Addition under section 68 of the Income Tax Act, 1961 as the assessee proved the genuineness of the transaction
Allahabad High Court - Allahabad HC - Section 68 Income Tax Act - Genuineness of transaction in tax law - Taxscan

The Allahabad High Court upheld the deletion of Income Tax Addition under section 68 of the Income Tax Act, 1961 as the assessee proved the genuineness of the transaction. The assessee not only disclosed the name of the jewellers to whom the jewellery was sold by the creditors of the assessee but it also established…

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