https://www.taxtmi.com/caselaws?id=210568 The High Court dismissed the reference application regarding the interpretation of Section 256(2) of the Income Tax Act, 1961. The case revolved around the treatment of income from undisclosed sources by the respondent-assessee company due to unexplained credits. Despite discrepancies in the Managing Director's statement, the Tribunal upheld the genuineness of the transactions. Relying on legal precedents, the court emphasized that the genuineness of cash credits is a factual issue. Ultimately, the High Court found no question of law and upheld the Tribunal's decision, dismissing the reference application. en-us Thu, 15 Sep 2011 00:00:00 +0530 Wed, 15 Feb 2012 10:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210568 The High Court dismissed the reference application regarding the interpretation of Section 256(2) of the Income Tax Act, 1961. The case revolved around the treatment of income from undisclosed sources by the respondent-assessee company due to unexplained credits. Despite discrepancies in the Managing Director's statement, the Tribunal upheld the genuineness of the transactions. Relying on legal precedents, the court emphasized that the genuineness of cash credits is a factual issue. Ultimately, the High Court found no question of law and upheld the Tribunal's decision, dismissing the reference application. Case-Laws Income Tax Thu, 15 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210568