https://www.taxtmi.com/caselaws?id=217663 The High Court held that the ITAT erred in law by allowing the appeal and reversing the decisions of the CIT(A) and AO. It found that the genuineness of the transactions was not proven as the trusts were managed by the same individual overseeing the assessee company, and funds were transferred on the same day as cash deposits. The burden of proof did not shift to the revenue, and the court ruled in favor of the revenue, directing the department to compute tax accordingly and proceed against the trusts as per the law. en-us Mon, 30 Jul 2012 00:00:00 +0530 Wed, 17 Oct 2012 11:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217663 The High Court held that the ITAT erred in law by allowing the appeal and reversing the decisions of the CIT(A) and AO. It found that the genuineness of the transactions was not proven as the trusts were managed by the same individual overseeing the assessee company, and funds were transferred on the same day as cash deposits. The burden of proof did not shift to the revenue, and the court ruled in favor of the revenue, directing the department to compute tax accordingly and proceed against the trusts as per the law. Case-Laws Income Tax Mon, 30 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217663