https://www.taxtmi.com/highlights?id=75435 Unexplained creditor u/s. 68 - onus to prove - The ITAT ruled that once the identity of the creditor and the genuineness of the transaction are established, proving the creditor's capacity is not mandatory for the assessee. This is supported by the precedent set in "Labh Chand Bohra Vs. ITO" by the Rajasthan High Court, aligning with the doctrine that the onus shifts away from the assessee once the initial proof of transaction is provided. en-us Wed, 06 Mar 2024 09:02:29 +0530 Wed, 06 Mar 2024 09:02:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=75435 Unexplained creditor u/s. 68 - onus to prove - The ITAT ruled that once the identity of the creditor and the genuineness of the transaction are established, proving the creditor's capacity is not mandatory for the assessee. This is supported by the precedent set in "Labh Chand Bohra Vs. ITO" by the Rajasthan High Court, aligning with the doctrine that the onus shifts away from the assessee once the initial proof of transaction is provided. Highlights Income Tax Wed, 06 Mar 2024 09:02:29 +0530 https://www.taxtmi.com/highlights?id=75435