https://www.taxtmi.com/caselaws?id=13629 The Tribunal held that the Assessing Officer failed to disprove the genuineness of transactions involving share application money received by the assessee, leading to the dismissal of the penalty imposed under section 271(1)(c) for unexplained cash credit. The burden of proving the source of the money largely fell on the Assessing Officer, who did not adequately verify the depositors' existence or financial capacity. The Tribunal emphasized the necessity of thorough inquiries before treating cash credits as income, ultimately upholding the assessee's position and dismissing the appeal. en-us Tue, 04 Sep 2007 00:00:00 +0530 Sun, 28 Dec 2014 14:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13629 The Tribunal held that the Assessing Officer failed to disprove the genuineness of transactions involving share application money received by the assessee, leading to the dismissal of the penalty imposed under section 271(1)(c) for unexplained cash credit. The burden of proving the source of the money largely fell on the Assessing Officer, who did not adequately verify the depositors' existence or financial capacity. The Tribunal emphasized the necessity of thorough inquiries before treating cash credits as income, ultimately upholding the assessee's position and dismissing the appeal. Case-Laws Income Tax Tue, 04 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13629