Genuineness of Transaction needs to prove to invoke Tax Exemption under Income Tax: ITAT [Read Order]

By Taxscan Team - On May 23, 2022 4:32 pm - 2 mins read

Genuineness - transaction - Tax Exemption - Income Tax - ITAT - Taxscan

The Income Tax Appellate Tribunal (ITAT), Pune Bench comprising Shri Inturi Rama Rao, Accountant Member and Shri Partha Sarathi Chaudhury, Judicial Member has held that the onus to prove the genuineness of the transaction to an exemption from tax liability is on the assess. Genuineness of transaction needs to prove to invoke exemption on tax…

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