Assessment u/s 153A - The ITAT Mumbai's rulings reaffirm the ...
Income Tax
April 10, 2024
Assessment u/s 153A - The ITAT Mumbai's rulings reaffirm the principle that the additions under Sections 68, 69C, and disallowances under Section 14A require a concrete basis either in the form of incriminating materials found during the search or through clear evidence of unexplained cash credits or expenditures. Moreover, it highlighted the necessity for the Revenue to establish the lack of genuineness or creditworthiness beyond mere suspicions or procedural oversights
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