https://www.taxtmi.com/caselaws?id=15486 The High Court ruled against the assessee in a case involving the assessability of a cash credit under section 68 of the Income Tax Act, 1961. The Court held that the Tribunal's reliance on unaccepted voluntary disclosure and conclusions based on probabilities were not sustainable. Emphasizing the assessee's failure to satisfactorily explain the source of the credit entry, the Court overturned the Tribunal's decision. Additionally, the Court rejected the impact of the assessee's statement in proceedings under a different statute, stating it lacked corroboration by independent evidence. The Court sided with the Revenue, denying the request to remit the matter to the Tribunal due to the significant passage of time. en-us Fri, 20 Feb 1998 00:00:00 +0530 Thu, 06 Aug 2009 18:35:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15486 The High Court ruled against the assessee in a case involving the assessability of a cash credit under section 68 of the Income Tax Act, 1961. The Court held that the Tribunal's reliance on unaccepted voluntary disclosure and conclusions based on probabilities were not sustainable. Emphasizing the assessee's failure to satisfactorily explain the source of the credit entry, the Court overturned the Tribunal's decision. Additionally, the Court rejected the impact of the assessee's statement in proceedings under a different statute, stating it lacked corroboration by independent evidence. The Court sided with the Revenue, denying the request to remit the matter to the Tribunal due to the significant passage of time. Case-Laws Income Tax Fri, 20 Feb 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15486