https://www.taxtmi.com/caselaws?id=4456 The High Court of Madras dismissed an appeal against the Income-tax Appellate Tribunal's order for the assessment year 1994-95. The court upheld the Assessing Officer's decision to tax a sum of Rs. 2,75,000 as cash credits due to lack of evidence proving their genuineness. Parties involved denied making deposits, and no substantial evidence was presented to support the credits, leading to the appeal's dismissal. The judgment emphasizes the necessity of providing adequate evidence to substantiate financial transactions during assessments. en-us Fri, 04 Jan 2008 00:00:00 +0530 Sat, 26 Jul 2008 12:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=4456 The High Court of Madras dismissed an appeal against the Income-tax Appellate Tribunal's order for the assessment year 1994-95. The court upheld the Assessing Officer's decision to tax a sum of Rs. 2,75,000 as cash credits due to lack of evidence proving their genuineness. Parties involved denied making deposits, and no substantial evidence was presented to support the credits, leading to the appeal's dismissal. The judgment emphasizes the necessity of providing adequate evidence to substantiate financial transactions during assessments. Case-Laws Income Tax Fri, 04 Jan 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=4456