Home › Income-Tax Act › Rupal Jain v. CIT (2023) 454 ITR 813 / 294 Taxman 261 (SC) Editorial : Rupal Jain v. CIT (All)(HC) (ITA No. 83 of 2022 dt. 17-11-2022)

Rupal Jain v. CIT (2023) 454 ITR 813 / 294 Taxman 261 (SC) Editorial : Rupal Jain v. CIT (All)(HC) (ITA No. 83 of 2022 dt. 17-11-2022)

S. 68 : Cash credits-Failed to prove identity, creditworthiness and genuineness of transaction-SLP of assessee dismissed.[Art. 136]

High Court dismissed the appeal holding though that the assessee had disclosed the source of the deposit she could not establish the nature thereof and that she had not fulfilled the three conditions under section 68 of the Income-tax Act, 1961, (i) identity of the creditor ; (2) capacity of such creditor to advance money ; and (iii) genuineness of the transactions, to discharge her burden of proof. SLP of assessee  dismissed.