S. 68 Once Assessee discharge initial burden of proving creditworthiness of parties onus shift on revenue to prove otherwise

IN THE ITAT LUCKNOW BENCH (THIRD MEMBER) Vishnu Jaiswal V/s. Commissioner of Income-tax (Appeals) IT APPEAL NO. 336 (LKW.) OF 2011 [ASSESSMENT YEAR 2006-07] MAY 1, 2012 ORDER Sunil Kumar Yadav, Judicial Member This appeal is preferred by the assessee against the order of the ld. CIT(A) mainly on two grounds. One ground is with regard to the addition of Rs. 3.50 lakhs under section 68 of the Income-tax Act, 1961 (hereinafter in short “the Act”) and the other is with regard to the disallowance of telephone expenses of Rs. 5,000 on estimate basis. 2. The farts in brie...