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Burden to prove identity, creditworthiness and genuineness of cash credits under section 68 of IT Act
Case Law Details
- Case Name
- Kalyan Memorial & Charitable Trust Vs ACIT (ITAT Agra)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
RELEVANT PARAGRAPH
17. I have carefully considered the rival submissions. I have also carefully gone through the orders of learned Judicial Member and Accountant Member and also the impugned assessment order & order of CIT (A). So far as it relates to the evidences submitted by the assessee to prove the cash credits, there is no dispute that the same were placed on record. The evidences, as discussed above, are in the shape of confirmations, copies of bank accounts, and acknowledgements of Income-tax returns filed for the preceding 4 to 5 years in the case of each creditor. In all the conf...
