https://www.taxtmi.com/caselaws?id=350584 The High Court upheld the Tribunal's decision in favor of the assessee, dismissing the department's appeal challenging the addition under section 68 of the IT Act. The Tribunal found the assessee had proven the identity, genuineness, and creditworthiness of creditors, shifting the burden to the Assessing Officer. Lack of conclusive evidence against the genuineness of cash creditors led to the dismissal of the department's arguments. The High Court affirmed the Tribunal's ruling, emphasizing the lack of substantial proof for accommodation entries. Consequently, the appeal was dismissed, favoring the assessee. en-us Mon, 23 Oct 2017 00:00:00 +0530 Tue, 07 Nov 2017 17:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350584 The High Court upheld the Tribunal's decision in favor of the assessee, dismissing the department's appeal challenging the addition under section 68 of the IT Act. The Tribunal found the assessee had proven the identity, genuineness, and creditworthiness of creditors, shifting the burden to the Assessing Officer. Lack of conclusive evidence against the genuineness of cash creditors led to the dismissal of the department's arguments. The High Court affirmed the Tribunal's ruling, emphasizing the lack of substantial proof for accommodation entries. Consequently, the appeal was dismissed, favoring the assessee. Case-Laws Income Tax Mon, 23 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350584