https://www.taxtmi.com/caselaws?id=273647 The court clarified the burden on the assessee to prove creditworthiness of creditors and genuineness of transactions under Section 68 of the Income Tax Act. It criticized the Tribunal for inadequately examining evidence and not issuing notices to certain creditors. Consequently, the court quashed the order and remanded the matter to the Assessing Officer for a fresh examination, emphasizing the importance of due process and thorough evaluation of evidence. The Assessing Officer was directed to verify transactions through banking channels and promptly conclude the assessment for the relevant years. en-us Wed, 17 May 2017 00:00:00 +0530 Sat, 07 Jul 2018 06:21:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273647 The court clarified the burden on the assessee to prove creditworthiness of creditors and genuineness of transactions under Section 68 of the Income Tax Act. It criticized the Tribunal for inadequately examining evidence and not issuing notices to certain creditors. Consequently, the court quashed the order and remanded the matter to the Assessing Officer for a fresh examination, emphasizing the importance of due process and thorough evaluation of evidence. The Assessing Officer was directed to verify transactions through banking channels and promptly conclude the assessment for the relevant years. Case-Laws Income Tax Wed, 17 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273647