https://www.taxtmi.com/caselaws?id=374602 The Tribunal upheld the addition under section 68 of the Income Tax Act in the hands of the assessee due to insufficient proof of creditworthiness and questionable sources of funds. The Commissioner and Tribunal found discrepancies in explanations provided by the assessee and lenders, emphasizing the lack of credible income sources and suspicious transaction patterns. Relying on a Gujarat High Court judgment, the Tribunal dismissed the appeal, underscoring the burden of proof on the assessee to establish the legitimacy of funds. The decision was rendered on December 28, 2018. en-us Fri, 28 Dec 2018 00:00:00 +0530 Tue, 05 Feb 2019 06:14:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374602 The Tribunal upheld the addition under section 68 of the Income Tax Act in the hands of the assessee due to insufficient proof of creditworthiness and questionable sources of funds. The Commissioner and Tribunal found discrepancies in explanations provided by the assessee and lenders, emphasizing the lack of credible income sources and suspicious transaction patterns. Relying on a Gujarat High Court judgment, the Tribunal dismissed the appeal, underscoring the burden of proof on the assessee to establish the legitimacy of funds. The decision was rendered on December 28, 2018. Case-Laws Income Tax Fri, 28 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374602