High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Unexplained Cash Credit Addition Deleted as Assessee Proved Identity, Creditworthiness, and Genuineness of Transaction Under Section 68 of Income Tax Act, 1961. The court held that once the assessee provides evidence of identity, creditworthiness, and genuineness, the onus shifts to the revenue to prove that the amount represents the assessee's own income.
19 Mar 2015The revenue (Commissioner of Income Tax and Assistant Commissioner of Income Tax) filed appeals under Section 260-A of the Income Tax Act, 1961, chall...
