https://www.taxtmi.com/caselaws?id=204966 The High Court upheld the Revenue's decision to treat the amount as unexplained cash credit under section 68 of the Income-tax Act, 1961. Despite the appellant's efforts to prove the amount as trade credit, discrepancies in the alleged creditor's statements raised doubts on the legitimacy of the transaction. The court emphasized the importance of creditor credibility and upheld the decision based on the evidence presented. The appeal was dismissed, highlighting the burden of proof in establishing the legitimacy of financial transactions under the Income-tax Act, 1961. en-us Tue, 03 May 2011 00:00:00 +0530 Fri, 26 May 2017 17:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204966 The High Court upheld the Revenue's decision to treat the amount as unexplained cash credit under section 68 of the Income-tax Act, 1961. Despite the appellant's efforts to prove the amount as trade credit, discrepancies in the alleged creditor's statements raised doubts on the legitimacy of the transaction. The court emphasized the importance of creditor credibility and upheld the decision based on the evidence presented. The appeal was dismissed, highlighting the burden of proof in establishing the legitimacy of financial transactions under the Income-tax Act, 1961. Case-Laws Income Tax Tue, 03 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204966