https://www.taxtmi.com/caselaws?id=63069 The Appellate Tribunal ITAT DELHI-A ruled in favor of the assessee in an appeal against the AAC's order concerning the assessment year 1965-66. The Tribunal found that the genuineness of cash credits in the accounts of two parties taken on hundis was proven by the assessee, rejecting the Revenue's allegations of bogus hundi loans and Hawala transactions. The Tribunal emphasized the importance of providing and disproving evidence, ultimately concluding that the Department failed to establish a connection between the loans and bank transactions of the creditors, leading to the overturning of the addition of Rs. 25,000 to the assessee's income. Additionally, the disputed bonus payment was allowed based on credible evidence presented by the assessee. en-us Tue, 28 Dec 1971 00:00:00 +0530 Thu, 27 Jan 2011 17:16:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63069 The Appellate Tribunal ITAT DELHI-A ruled in favor of the assessee in an appeal against the AAC's order concerning the assessment year 1965-66. The Tribunal found that the genuineness of cash credits in the accounts of two parties taken on hundis was proven by the assessee, rejecting the Revenue's allegations of bogus hundi loans and Hawala transactions. The Tribunal emphasized the importance of providing and disproving evidence, ultimately concluding that the Department failed to establish a connection between the loans and bank transactions of the creditors, leading to the overturning of the addition of Rs. 25,000 to the assessee's income. Additionally, the disputed bonus payment was allowed based on credible evidence presented by the assessee. Case-Laws Income Tax Tue, 28 Dec 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63069