Addition u/s 68 of Income Tax Act is invalid as AO fails to Verify Genuineness of Transaction: Calcutta High Court dismiss Appeal

The Calcutta High Court dismissed an appeal concerning an addition under Section 68 of the Income Tax Act, citing the Assessing Officer's (AO) failure to verify the genuineness of the transaction. The court emphasized the need for thorough verification before making additions under this section, reinforcing the principle that tax authorities must adhere to due process and ensure the validity of their assessments. This ruling highlights the importance of procedural accuracy in tax matters.