Case Law Analysis
|Income Tax Appellate Tribunal
Section 68 IT Act | Finality of Prior Proceedings: Loan Creditor Genuineness Cannot Be Rejected Without Fresh Evidence : ITAT Mumbai
ITAT Mumbai rules that once a loan creditor's genuineness is accepted in a prior set-aside assessment, the same cannot be disputed in subsequent proceedings without new evidence. The tribunal restored the matter for verification of other advances, emphasizing the binding nature of earlier findings on creditor verification under Section 68.