https://www.taxtmi.com/caselaws?id=388271 The tribunal dismissed the stay petition, ruling that the assessee failed to establish a prima facie case for a stay on the outstanding tax demand. The tribunal emphasized the need for the assessee to prove the identity, creditworthiness, and genuineness of transactions under Section 68 of the Income-tax Act. The tribunal referenced a Supreme Court decision and held that the assessee did not provide sufficient evidence of financial difficulties or impending liquidation to warrant a stay. The tribunal clarified that its decision on the stay petition did not impact the pending appeal's merits. en-us Fri, 08 Nov 2019 00:00:00 +0530 Tue, 12 Nov 2019 12:33:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388271 The tribunal dismissed the stay petition, ruling that the assessee failed to establish a prima facie case for a stay on the outstanding tax demand. The tribunal emphasized the need for the assessee to prove the identity, creditworthiness, and genuineness of transactions under Section 68 of the Income-tax Act. The tribunal referenced a Supreme Court decision and held that the assessee did not provide sufficient evidence of financial difficulties or impending liquidation to warrant a stay. The tribunal clarified that its decision on the stay petition did not impact the pending appeal's merits. Case-Laws Income Tax Fri, 08 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388271