https://www.taxtmi.com/caselaws?id=353087 The court upheld the additions made by the assessing officer, the 1st appellate authority, and the Tribunal, dismissing the appeal in favor of the Revenue. The burden of proof regarding the source, identity, and genuineness of loans availed under Section 68 of the Income Tax Act rested on the assessee, who failed to adequately discharge this burden despite producing some documents. The court emphasized the necessity for the assessee to prove the legitimacy of credits in their books, as mere banking transactions and document production were insufficient to meet the burden under Section 68. en-us Tue, 19 Sep 2017 00:00:00 +0530 Wed, 27 Dec 2017 10:16:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353087 The court upheld the additions made by the assessing officer, the 1st appellate authority, and the Tribunal, dismissing the appeal in favor of the Revenue. The burden of proof regarding the source, identity, and genuineness of loans availed under Section 68 of the Income Tax Act rested on the assessee, who failed to adequately discharge this burden despite producing some documents. The court emphasized the necessity for the assessee to prove the legitimacy of credits in their books, as mere banking transactions and document production were insufficient to meet the burden under Section 68. Case-Laws Income Tax Tue, 19 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353087