https://www.taxtmi.com/caselaws?id=59944 The ITAT upheld the CIT(A)'s decision to delete the addition of Rs. 3.46 crores to the assessee's capital account, deeming the sale proceeds of silver utensils as genuine. The remand report confirmed the transactions' authenticity, including transportation and valuation, while the revenue failed to present contrary evidence. The judgment emphasized proper verification and accepted retracted statements, ultimately ruling in favor of the assessee. Legal precedents were applied, shifting the burden of proof to the revenue under Section 68 of the Income-tax Act, 1961, which was not met. en-us Fri, 28 Oct 2005 00:00:00 +0530 Mon, 15 Apr 2024 14:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59944 The ITAT upheld the CIT(A)'s decision to delete the addition of Rs. 3.46 crores to the assessee's capital account, deeming the sale proceeds of silver utensils as genuine. The remand report confirmed the transactions' authenticity, including transportation and valuation, while the revenue failed to present contrary evidence. The judgment emphasized proper verification and accepted retracted statements, ultimately ruling in favor of the assessee. Legal precedents were applied, shifting the burden of proof to the revenue under Section 68 of the Income-tax Act, 1961, which was not met. Case-Laws Income Tax Fri, 28 Oct 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59944