https://www.taxtmi.com/caselaws?id=237558 The High Court upheld the decision of the Income Tax Appellate Tribunal to add a sum to the assessee's income, despite the Commissioner of Income Tax (Appeals) believing the income was from a loan. The Court ruled that the assessee failed to prove the creditworthiness of the creditors, as evidenced by their low incomes and lack of clear transaction details in bank records. The burden was on the assessee to establish the genuineness of the transactions, which was not met, leading to the dismissal of the appeal. The Court also dismissed a similar case involving another creditor for similar reasons. en-us Thu, 05 Sep 2013 00:00:00 +0530 Tue, 01 Oct 2013 05:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237558 The High Court upheld the decision of the Income Tax Appellate Tribunal to add a sum to the assessee's income, despite the Commissioner of Income Tax (Appeals) believing the income was from a loan. The Court ruled that the assessee failed to prove the creditworthiness of the creditors, as evidenced by their low incomes and lack of clear transaction details in bank records. The burden was on the assessee to establish the genuineness of the transactions, which was not met, leading to the dismissal of the appeal. The Court also dismissed a similar case involving another creditor for similar reasons. Case-Laws Income Tax Thu, 05 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237558