https://www.taxtmi.com/caselaws?id=257037 The appeal was dismissed as the Revenue failed to substantiate the disallowances made by the Assessing Officer under Section 68 of the Income Tax Act. The Court upheld the decisions of the CIT (Appeals) and ITAT, emphasizing the importance of creditworthiness in credit transactions. The burden of proof shifted to the Revenue once the initial onus was discharged by the assessee, and as the Revenue could not prove lack of creditworthiness or genuineness of the transactions, the disallowances were deemed unjustified. en-us Wed, 25 Feb 2015 00:00:00 +0530 Sat, 28 Feb 2015 08:15:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257037 The appeal was dismissed as the Revenue failed to substantiate the disallowances made by the Assessing Officer under Section 68 of the Income Tax Act. The Court upheld the decisions of the CIT (Appeals) and ITAT, emphasizing the importance of creditworthiness in credit transactions. The burden of proof shifted to the Revenue once the initial onus was discharged by the assessee, and as the Revenue could not prove lack of creditworthiness or genuineness of the transactions, the disallowances were deemed unjustified. Case-Laws Income Tax Wed, 25 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257037