https://www.taxtmi.com/caselaws?id=370172 The court upheld the addition made under Section 68 of the Income Tax Act, ruling that the Assessing Officer's opinion on the unsatisfactory nature of the explanation provided by the assessee was justified. It was held that the burden of proof in proving cash credits lies on the assessee, and in this case, the explanation offered was found unsatisfactory. Additionally, the court confirmed that the addition did not qualify for deduction under Section 80 IC as it pertained to unexplained cash credits and that the interest income was not attributable to the manufacturing activity. The court dismissed the appeals and affirmed the decisions of the lower authorities. en-us Mon, 05 Nov 2018 00:00:00 +0530 Sat, 16 May 2026 13:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370172 The court upheld the addition made under Section 68 of the Income Tax Act, ruling that the Assessing Officer's opinion on the unsatisfactory nature of the explanation provided by the assessee was justified. It was held that the burden of proof in proving cash credits lies on the assessee, and in this case, the explanation offered was found unsatisfactory. Additionally, the court confirmed that the addition did not qualify for deduction under Section 80 IC as it pertained to unexplained cash credits and that the interest income was not attributable to the manufacturing activity. The court dismissed the appeals and affirmed the decisions of the lower authorities. Case-Laws Income Tax Mon, 05 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370172