https://www.taxtmi.com/caselaws?id=207270 Delhi HC ruled in favor of the assessee regarding unexplained cash credit under Section 68 of Income Tax Act, 1961. The court held that once the assessee provided details of creditors and proved genuineness of transactions, the burden shifted to revenue authorities. The Assessing Officer's bald assertion that credits were circular transactions to plough back undisclosed income was insufficient without proper evidence. The ITAT erred in sustaining the addition of Rs. 8,24,000 as unexplained cash credit without examining whether adequate opportunity was given to creditors to produce relevant material. en-us Mon, 29 Aug 2011 00:00:00 +0530 Thu, 19 Jun 2025 12:30:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207270 Delhi HC ruled in favor of the assessee regarding unexplained cash credit under Section 68 of Income Tax Act, 1961. The court held that once the assessee provided details of creditors and proved genuineness of transactions, the burden shifted to revenue authorities. The Assessing Officer's bald assertion that credits were circular transactions to plough back undisclosed income was insufficient without proper evidence. The ITAT erred in sustaining the addition of Rs. 8,24,000 as unexplained cash credit without examining whether adequate opportunity was given to creditors to produce relevant material. Case-Laws Income Tax Mon, 29 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207270