https://www.taxtmi.com/caselaws?id=413949 Cash credits supported by PAN, confirmations, income-tax returns, bank statements and account copies, with payments made by account payee cheque, were treated as sufficiently proved under section 68 because the assessee discharged the primary burden and the revenue brought no effective rebuttal. Project income was also not to be estimated at 8% where project-wise records, stage-wise billing and carried-forward closing work-in-progress were maintained, and there was no basis to reject the books merely for lack of separate project books. The claimed loss was likewise allowed because it was computed from examined books and no contrary material showed it to be inadmissible. en-us Tue, 07 Sep 2021 00:00:00 +0530 Mon, 25 Oct 2021 09:18:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413949 Cash credits supported by PAN, confirmations, income-tax returns, bank statements and account copies, with payments made by account payee cheque, were treated as sufficiently proved under section 68 because the assessee discharged the primary burden and the revenue brought no effective rebuttal. Project income was also not to be estimated at 8% where project-wise records, stage-wise billing and carried-forward closing work-in-progress were maintained, and there was no basis to reject the books merely for lack of separate project books. The claimed loss was likewise allowed because it was computed from examined books and no contrary material showed it to be inadmissible. Case-Laws Income Tax Tue, 07 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413949