https://www.taxtmi.com/caselaws?id=181770 The revenue's appeal against the deletion of an addition of Rs. 12 lacs under section 68 of the Income-tax Act, 1961 for the assessment year 2006-07 was dismissed. The court upheld the decision of the CIT(A) in favor of the assessee, a real estate development company, emphasizing that once the assessee establishes the identity and genuineness of transactions, the burden of proof shifts to the Revenue. The court criticized the Assessing Officer for not summoning the directors of the applicant companies for verification, and concluded that the revenue failed to provide concrete evidence, relying on circumstantial defects. en-us Fri, 21 Jan 2011 00:00:00 +0530 Sat, 23 Apr 2016 17:46:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181770 The revenue's appeal against the deletion of an addition of Rs. 12 lacs under section 68 of the Income-tax Act, 1961 for the assessment year 2006-07 was dismissed. The court upheld the decision of the CIT(A) in favor of the assessee, a real estate development company, emphasizing that once the assessee establishes the identity and genuineness of transactions, the burden of proof shifts to the Revenue. The court criticized the Assessing Officer for not summoning the directors of the applicant companies for verification, and concluded that the revenue failed to provide concrete evidence, relying on circumstantial defects. Case-Laws Income Tax Fri, 21 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181770