https://www.taxtmi.com/caselaws?id=17067 HC held that the share sale effected through a broker was proven genuine and the Tribunal's acceptance of the transaction was upheld because the assessee discharged its initial burden and the ITO failed to conduct proper investigation or adduce contrary material. However, the HC found the cash-credit claim unproved-there was no affidavit from the creditor-so the Tribunal's favourable finding on that point was held perverse and reversed, resulting in a split outcome: transaction upheld for the assessee, cash credit upheld for the Revenue. en-us Fri, 20 Feb 1998 00:00:00 +0530 Fri, 10 Oct 2025 16:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17067 HC held that the share sale effected through a broker was proven genuine and the Tribunal's acceptance of the transaction was upheld because the assessee discharged its initial burden and the ITO failed to conduct proper investigation or adduce contrary material. However, the HC found the cash-credit claim unproved-there was no affidavit from the creditor-so the Tribunal's favourable finding on that point was held perverse and reversed, resulting in a split outcome: transaction upheld for the assessee, cash credit upheld for the Revenue. Case-Laws Income Tax Fri, 20 Feb 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17067