https://www.taxtmi.com/caselaws?id=241058 The High Court ruled in favor of the assessee in a case challenging the addition made under section 69-A of the Income Tax Act for the assessment year 1995-96. The Court found that the burden of proof was effectively discharged by the assessee as the transaction details were recorded in the books of account. The Court emphasized that the Assessing Officer had means to verify the details from available evidence and noted that crucial evidence was ignored by the AO. Consequently, the appeal filed by the Department was dismissed, highlighting the importance of evidence in tax disputes. en-us Fri, 13 Dec 2013 00:00:00 +0530 Mon, 16 Dec 2013 18:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241058 The High Court ruled in favor of the assessee in a case challenging the addition made under section 69-A of the Income Tax Act for the assessment year 1995-96. The Court found that the burden of proof was effectively discharged by the assessee as the transaction details were recorded in the books of account. The Court emphasized that the Assessing Officer had means to verify the details from available evidence and noted that crucial evidence was ignored by the AO. Consequently, the appeal filed by the Department was dismissed, highlighting the importance of evidence in tax disputes. Case-Laws Income Tax Fri, 13 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241058