https://www.taxtmi.com/caselaws?id=15611 The dominant issue was whether the Tribunal's finding under s.68 of the Income-tax Act that the assessee's explanation for cash credits was unsatisfactory was perverse so as to raise a question of law. The HC held that s.68 places the burden on the assessee to establish, by positive material, the nature and source of credits, including the creditor's identity and creditworthiness; whether the explanation is acceptable is essentially a question of fact unless the finding is contrary to record or based on irrelevant material. As the Tribunal had considered relevant material and returned supported factual conclusions, no perversity arose and no question of law was made out; the reference was answered against the assessee in favour of the Revenue. en-us Mon, 27 Sep 1999 00:00:00 +0530 Thu, 01 Jan 2026 12:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15611 The dominant issue was whether the Tribunal's finding under s.68 of the Income-tax Act that the assessee's explanation for cash credits was unsatisfactory was perverse so as to raise a question of law. The HC held that s.68 places the burden on the assessee to establish, by positive material, the nature and source of credits, including the creditor's identity and creditworthiness; whether the explanation is acceptable is essentially a question of fact unless the finding is contrary to record or based on irrelevant material. As the Tribunal had considered relevant material and returned supported factual conclusions, no perversity arose and no question of law was made out; the reference was answered against the assessee in favour of the Revenue. Case-Laws Income Tax Mon, 27 Sep 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15611