https://www.taxtmi.com/caselaws?id=357698 The Tribunal upheld the addition of Rs. 9 lacs under section 68 of the Income Tax Act, emphasizing the burden of proof on the assessee to explain the nature and source of the credit. It clarified that the provisions of section 68 are rules of evidence and remanded the matter of the creditor's creditworthiness for further examination by the Assessing Officer. The appeal was allowed for statistical purposes, affirming the application of section 68 despite the credit not being reflected in the assessee's books of account. en-us Mon, 19 Mar 2018 00:00:00 +0530 Tue, 27 Mar 2018 21:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357698 The Tribunal upheld the addition of Rs. 9 lacs under section 68 of the Income Tax Act, emphasizing the burden of proof on the assessee to explain the nature and source of the credit. It clarified that the provisions of section 68 are rules of evidence and remanded the matter of the creditor's creditworthiness for further examination by the Assessing Officer. The appeal was allowed for statistical purposes, affirming the application of section 68 despite the credit not being reflected in the assessee's books of account. Case-Laws Income Tax Mon, 19 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357698