https://www.taxtmi.com/caselaws?id=209245 The Tribunal upheld the addition of Rs. 65,000 as cash credits under section 68 of the Income-tax Act, 1961, despite the genuineness of transactions and identity of creditors being established by the assessee. The Tribunal found discrepancies in the evidence provided by the assessee regarding the cash credits received, emphasizing the need for proof of creditworthiness of parties. The burden of proof was placed on the assessee to establish the legitimacy of the transactions, leading to the dismissal of the appeal and confirmation of the addition of Rs. 65,000. en-us Tue, 23 Nov 2010 00:00:00 +0530 Thu, 25 Jul 2013 16:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209245 The Tribunal upheld the addition of Rs. 65,000 as cash credits under section 68 of the Income-tax Act, 1961, despite the genuineness of transactions and identity of creditors being established by the assessee. The Tribunal found discrepancies in the evidence provided by the assessee regarding the cash credits received, emphasizing the need for proof of creditworthiness of parties. The burden of proof was placed on the assessee to establish the legitimacy of the transactions, leading to the dismissal of the appeal and confirmation of the addition of Rs. 65,000. Case-Laws Income Tax Tue, 23 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209245