https://www.taxtmi.com/caselaws?id=10502 The High Court upheld the Appellate Tribunal's decision to reject the claim regarding credits as genuine borrowings or untaxed funds, amounting to Rs. 63,000. The Tribunal found discrepancies in the evidence presented, including unknown addresses of depositors, lack of confirmatory letters, and unexplained sources of deposits. These factual findings were considered legally sound, leading to a ruling in favor of the Revenue and against the assessee. The Court also affirmed the rejection of material on record concerning cash credits, emphasizing the necessity of providing verifiable evidence in tax assessments and appeals under the Income-tax Act. en-us Tue, 28 Sep 2004 00:00:00 +0530 Thu, 16 Jul 2009 18:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10502 The High Court upheld the Appellate Tribunal's decision to reject the claim regarding credits as genuine borrowings or untaxed funds, amounting to Rs. 63,000. The Tribunal found discrepancies in the evidence presented, including unknown addresses of depositors, lack of confirmatory letters, and unexplained sources of deposits. These factual findings were considered legally sound, leading to a ruling in favor of the Revenue and against the assessee. The Court also affirmed the rejection of material on record concerning cash credits, emphasizing the necessity of providing verifiable evidence in tax assessments and appeals under the Income-tax Act. Case-Laws Income Tax Tue, 28 Sep 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10502