https://www.taxtmi.com/caselaws?id=36520 The High Court ruled in favor of the revenue, placing the burden of proof on the assessee to establish the genuineness of cash credits, including the identity and capacity of creditors. The court upheld the Tribunal's decision, emphasizing the onus on the assessee to prove transactions' legitimacy. The High Court directed the Tribunal to refer specific questions related to evidence on cash credits and the assessee's obligation to prove lenders' creditworthiness. Judge Sudhindra Mohan Guha concurred with the judgment, denying the assessee's request for leave to appeal to the Supreme Court and ordering payment of reference costs. en-us Mon, 02 Jun 1980 00:00:00 +0530 Tue, 23 Mar 2010 10:13:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36520 The High Court ruled in favor of the revenue, placing the burden of proof on the assessee to establish the genuineness of cash credits, including the identity and capacity of creditors. The court upheld the Tribunal's decision, emphasizing the onus on the assessee to prove transactions' legitimacy. The High Court directed the Tribunal to refer specific questions related to evidence on cash credits and the assessee's obligation to prove lenders' creditworthiness. Judge Sudhindra Mohan Guha concurred with the judgment, denying the assessee's request for leave to appeal to the Supreme Court and ordering payment of reference costs. Case-Laws Income Tax Mon, 02 Jun 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36520