https://www.taxtmi.com/caselaws?id=178360 The appeal challenging the addition of Rs. 25,97,902 under section 68 of the Income Tax Act, 1961 was dismissed by the Tribunal. The Tribunal upheld the decision of the Assessing Officer, CIT(A), and Tribunal, emphasizing the lack of evidence regarding the creditworthiness of the lender and the genuineness of the transaction. The appellant's explanation of receiving the amounts as a loan from Shri Yakub Patel without sufficient supporting evidence was deemed unsatisfactory. The burden of proof was on the appellant to justify the cash credits, which was not met, leading to the dismissal of the tax appeal. en-us Tue, 12 Feb 2013 00:00:00 +0530 Wed, 03 Feb 2016 10:13:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178360 The appeal challenging the addition of Rs. 25,97,902 under section 68 of the Income Tax Act, 1961 was dismissed by the Tribunal. The Tribunal upheld the decision of the Assessing Officer, CIT(A), and Tribunal, emphasizing the lack of evidence regarding the creditworthiness of the lender and the genuineness of the transaction. The appellant's explanation of receiving the amounts as a loan from Shri Yakub Patel without sufficient supporting evidence was deemed unsatisfactory. The burden of proof was on the appellant to justify the cash credits, which was not met, leading to the dismissal of the tax appeal. Case-Laws Income Tax Tue, 12 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178360