https://www.taxtmi.com/caselaws?id=396035 The Tribunal dismissed the challenge to additions of unexplained cash credits and expenditure, finding that the Assessing Officer's reliance on seized documents and statements lacked a strong factual basis. The burden of proof under section 68 was on the assessee, who provided evidence that was deemed unconvincing. The credibility of the company involved in the transactions was questioned, and statements by individuals were crucial. Ultimately, the Tribunal deleted the additions, emphasizing the importance of direct evidence and directing the re-computation of interest under section 234B. en-us Tue, 16 Jun 2020 00:00:00 +0530 Thu, 18 Jun 2020 11:21:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396035 The Tribunal dismissed the challenge to additions of unexplained cash credits and expenditure, finding that the Assessing Officer's reliance on seized documents and statements lacked a strong factual basis. The burden of proof under section 68 was on the assessee, who provided evidence that was deemed unconvincing. The credibility of the company involved in the transactions was questioned, and statements by individuals were crucial. Ultimately, the Tribunal deleted the additions, emphasizing the importance of direct evidence and directing the re-computation of interest under section 234B. Case-Laws Income Tax Tue, 16 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396035