https://www.taxtmi.com/caselaws?id=214541 The Tribunal partially upheld the Commissioner's order, emphasizing the genuineness of loans and transactions through banking channels. The burden of proof on transaction genuineness was debated, with the Tribunal directing verification through banking channels. However, the authenticity of transactions was questioned, as mere banking channel use was deemed insufficient for verification. The judgment clarified the assessment of unsecured loans and expenses, the burden of proof, and the treatment of transactions via banking channels under the Income Tax Act, resolving the appeals with a focus on transaction verification and burden allocation. en-us Wed, 14 Mar 2012 00:00:00 +0530 Thu, 28 Jun 2012 13:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214541 The Tribunal partially upheld the Commissioner's order, emphasizing the genuineness of loans and transactions through banking channels. The burden of proof on transaction genuineness was debated, with the Tribunal directing verification through banking channels. However, the authenticity of transactions was questioned, as mere banking channel use was deemed insufficient for verification. The judgment clarified the assessment of unsecured loans and expenses, the burden of proof, and the treatment of transactions via banking channels under the Income Tax Act, resolving the appeals with a focus on transaction verification and burden allocation. Case-Laws Income Tax Wed, 14 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214541