Section 68 can’t be invoked if Transactions made are through proper Banking Channel & Assessee proves Identity & Genuineness

Brief of the Case

In the present case there were the three issues which were decided by the Hon’ble Tribunal where it was held that whenever the transactions have been made through proper banking channel, then invocation of section 68 will not be valid. Further, the Tribunal on second issue remitted the matter where there was a doubt between borrowed funds and investment made. Then, on the third and the last issue it was held that expenses made during the previous year will not be made taxable in the

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