https://www.taxtmi.com/highlights?id=75292 Addition u/s 68 - unexplained cash credit - Onus to prove - The High court noted that the assessee had provided sufficient evidence, including bank statements, cash-flow statements, and other relevant documents, to support their claim regarding the source of cash deposits and capital introduced in the partnership firm. - It was observed that the Assessing Officer did not provide any adverse findings or reasoning to rebut the evidence submitted by the assessee. The court emphasized that evidence cannot be disregarded based on mere surmise and conjecture. - The court allowed the appeal of the assessee and ordered the deletion of the addition. en-us Thu, 29 Feb 2024 07:55:45 +0530 Thu, 29 Feb 2024 07:55:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=75292 Addition u/s 68 - unexplained cash credit - Onus to prove - The High court noted that the assessee had provided sufficient evidence, including bank statements, cash-flow statements, and other relevant documents, to support their claim regarding the source of cash deposits and capital introduced in the partnership firm. - It was observed that the Assessing Officer did not provide any adverse findings or reasoning to rebut the evidence submitted by the assessee. The court emphasized that evidence cannot be disregarded based on mere surmise and conjecture. - The court allowed the appeal of the assessee and ordered the deletion of the addition. Highlights Income Tax Thu, 29 Feb 2024 07:55:45 +0530 https://www.taxtmi.com/highlights?id=75292