https://www.taxtmi.com/caselaws?id=251142 The High Court dismissed the appeals after analyzing legal precedents and evidence, emphasizing the burden of proof on the Department to establish undisclosed income. The court found that the share transactions were genuine, known, and adequately explained, distinguishing them from undisclosed income. Consequently, the court upheld the findings of the Commissioner of Income Tax and the Tribunal, ruling in favor of the assessees and rejecting the Department's claims of unexplained cash credit under Section 68 of the Income Tax Act. en-us Fri, 22 Aug 2014 00:00:00 +0530 Fri, 05 Sep 2014 08:25:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251142 The High Court dismissed the appeals after analyzing legal precedents and evidence, emphasizing the burden of proof on the Department to establish undisclosed income. The court found that the share transactions were genuine, known, and adequately explained, distinguishing them from undisclosed income. Consequently, the court upheld the findings of the Commissioner of Income Tax and the Tribunal, ruling in favor of the assessees and rejecting the Department's claims of unexplained cash credit under Section 68 of the Income Tax Act. Case-Laws Income Tax Fri, 22 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251142