https://www.taxtmi.com/caselaws?id=217448 The Tribunal upheld the decision of the CIT(A) in a case concerning additions under section 68 of the Income Tax Act, 1961. The Tribunal found that the assessee had sufficiently proven the source of the credit, shifting the burden of proof away from the assessee. Despite the Revenue's contention that the onus was on the assessee to establish the identity and genuineness of the transaction, the Tribunal held that the assessee had fulfilled its obligation. The Tribunal distinguished the case from previous legal precedents cited by the Revenue and dismissed the Revenue's appeal, affirming the CIT(A)'s decision in favor of the assessee. en-us Fri, 06 Jul 2012 00:00:00 +0530 Sat, 13 Oct 2012 13:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217448 The Tribunal upheld the decision of the CIT(A) in a case concerning additions under section 68 of the Income Tax Act, 1961. The Tribunal found that the assessee had sufficiently proven the source of the credit, shifting the burden of proof away from the assessee. Despite the Revenue's contention that the onus was on the assessee to establish the identity and genuineness of the transaction, the Tribunal held that the assessee had fulfilled its obligation. The Tribunal distinguished the case from previous legal precedents cited by the Revenue and dismissed the Revenue's appeal, affirming the CIT(A)'s decision in favor of the assessee. Case-Laws Income Tax Fri, 06 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217448