https://www.taxtmi.com/caselaws?id=6558 SC allowed the appeals, holding that cash-credit entries from a foreign donor were not established as genuine gifts. Under s.68 the AO's adverse opinion on unexplained credits constitutes prima facie evidence; the assessees bore the burden to rebut on the preponderance of probabilities and failed to do so. Receipt through normal banking channels did not prove genuineness. Concurrent factual findings by the AO and appellate authorities that transactions were doubtful and not real were upheld; the HC erred in disturbing those findings. en-us Tue, 15 May 2007 00:00:00 +0530 Wed, 01 Oct 2025 12:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6558 SC allowed the appeals, holding that cash-credit entries from a foreign donor were not established as genuine gifts. Under s.68 the AO's adverse opinion on unexplained credits constitutes prima facie evidence; the assessees bore the burden to rebut on the preponderance of probabilities and failed to do so. Receipt through normal banking channels did not prove genuineness. Concurrent factual findings by the AO and appellate authorities that transactions were doubtful and not real were upheld; the HC erred in disturbing those findings. Case-Laws Income Tax Tue, 15 May 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6558