https://www.taxtmi.com/caselaws?id=249555 The Tribunal upheld the initiation of proceedings under Section 148 of the Income Tax Act, as the assessee failed to disclose material facts. An addition of Rs. 4,84,000 under Section 68 was upheld due to unexplained cash credits, found not genuine. The burden of proof regarding transactions' genuineness and creditworthiness rested on the assessee, who failed to provide sufficient evidence. The Tribunal dismissed the appeal, confirming the addition under Section 68, citing relevant case law emphasizing thorough evidence examination. en-us Mon, 30 Jun 2014 00:00:00 +0530 Thu, 17 Jul 2014 08:31:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249555 The Tribunal upheld the initiation of proceedings under Section 148 of the Income Tax Act, as the assessee failed to disclose material facts. An addition of Rs. 4,84,000 under Section 68 was upheld due to unexplained cash credits, found not genuine. The burden of proof regarding transactions' genuineness and creditworthiness rested on the assessee, who failed to provide sufficient evidence. The Tribunal dismissed the appeal, confirming the addition under Section 68, citing relevant case law emphasizing thorough evidence examination. Case-Laws Income Tax Mon, 30 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249555