https://www.taxtmi.com/caselaws?id=327417 The appeal filed by the revenue under section 260A of the Income Tax Act against the order of the Income Tax Appellate Tribunal was partly allowed, upholding the addition of Rs. 25,00,000 under section 68 of the Act. The Tribunal found the appellant failed to provide evidence regarding the source of the deposit, leading to the addition being justified. The burden was on the appellant to prove the identity of the creditor, credit worthiness, and genuineness of the transaction, which was not fulfilled. The appeal was dismissed as no substantial question of law arose from the issues raised. en-us Tue, 26 Apr 2016 00:00:00 +0530 Wed, 10 Aug 2016 18:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327417 The appeal filed by the revenue under section 260A of the Income Tax Act against the order of the Income Tax Appellate Tribunal was partly allowed, upholding the addition of Rs. 25,00,000 under section 68 of the Act. The Tribunal found the appellant failed to provide evidence regarding the source of the deposit, leading to the addition being justified. The burden was on the appellant to prove the identity of the creditor, credit worthiness, and genuineness of the transaction, which was not fulfilled. The appeal was dismissed as no substantial question of law arose from the issues raised. Case-Laws Income Tax Tue, 26 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327417