https://www.taxtmi.com/caselaws?id=279675 The High Court upheld the decision of the Tribunal and Commissioner (Appeals) in a case concerning the assessment of a loan transaction under section 68 of the Income Tax Act, 1961. The court found the loan to be genuine based on evidence provided, including the creditor's bank statement showing sufficient funds. It emphasized the assessing officer's duty to conduct further examination when in doubt, rather than simply disbelieving the assessee. As both lower authorities accepted the evidence, the High Court dismissed the appeal, finding no substantial question of law to consider. en-us Wed, 14 Mar 2007 00:00:00 +0530 Sat, 30 Mar 2019 16:25:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279675 The High Court upheld the decision of the Tribunal and Commissioner (Appeals) in a case concerning the assessment of a loan transaction under section 68 of the Income Tax Act, 1961. The court found the loan to be genuine based on evidence provided, including the creditor's bank statement showing sufficient funds. It emphasized the assessing officer's duty to conduct further examination when in doubt, rather than simply disbelieving the assessee. As both lower authorities accepted the evidence, the High Court dismissed the appeal, finding no substantial question of law to consider. Case-Laws Income Tax Wed, 14 Mar 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279675