Court Upholds ITAT's Pre-Deposit Order, Rejects Appeal Due to Lack of Evidence on Financial Hardship and Transaction Genuineness.

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....Stay of demand - direction as called upon the writ petitioner to make a pre-deposit of 20% - The Delhi High Court dismissed the writ petition challenging the ITAT's order, which denied interim relief to the petitioner. The core issues revolved around the petitioner’s inability to establish a prima facie case, questionable financial stringency claims, and failure to meet the burden of proof under Section 68 regarding the genuineness of certain transactions. The Court found that the ITAT and prior authorities had correctly applied the law, and the petitioner’s financial records did not substantiate their claims. - Appeal of the assessee dismissed.....