https://www.taxtmi.com/caselaws?id=38836 The Appellate Tribunal, after considering evidence and the assessee's explanation, found the initial burden had been discharged and accepted the explanation regarding cash credits. The Tribunal noted the lack of dispute over the existence of creditors but questioned the genuineness of loans based on incomplete confessions. As the Tribunal's decision was factual and based on available evidence, it rejected the applications under section 256(2) of the Income-tax Act for the relevant assessment years, with no costs awarded. The judgment emphasizes the importance of meeting the burden of proof and providing satisfactory explanations in tax assessments. en-us Wed, 31 Oct 1973 00:00:00 +0530 Fri, 09 Apr 2010 16:10:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38836 The Appellate Tribunal, after considering evidence and the assessee's explanation, found the initial burden had been discharged and accepted the explanation regarding cash credits. The Tribunal noted the lack of dispute over the existence of creditors but questioned the genuineness of loans based on incomplete confessions. As the Tribunal's decision was factual and based on available evidence, it rejected the applications under section 256(2) of the Income-tax Act for the relevant assessment years, with no costs awarded. The judgment emphasizes the importance of meeting the burden of proof and providing satisfactory explanations in tax assessments. Case-Laws Income Tax Wed, 31 Oct 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38836