https://www.taxtmi.com/caselaws?id=260049 The Tribunal allowed the Revenue's appeal, remanding the issue of unexplained credits under Section 68 back to the Assessing Officer for fresh adjudication. The Tribunal held that the Assessing Officer failed to discharge the onus of proving the credits were not mere accommodation entries, directing a reevaluation in line with relevant judicial precedents. The decision emphasized the importance of proving genuineness, creditworthiness, and identity in such transactions, highlighting the need for a comprehensive assessment. en-us Fri, 08 May 2015 00:00:00 +0530 Sat, 30 May 2015 11:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260049 The Tribunal allowed the Revenue's appeal, remanding the issue of unexplained credits under Section 68 back to the Assessing Officer for fresh adjudication. The Tribunal held that the Assessing Officer failed to discharge the onus of proving the credits were not mere accommodation entries, directing a reevaluation in line with relevant judicial precedents. The decision emphasized the importance of proving genuineness, creditworthiness, and identity in such transactions, highlighting the need for a comprehensive assessment. Case-Laws Income Tax Fri, 08 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260049