1986 (1) TMI 28 - HC - Income Tax

Summary

The High Court of Calcutta ruled in favor of the assessee regarding the deletion of certain amounts from their total income for assessment years 1964-65 and 1965-66. The court found that the loans claimed by the assessee were genuine and that the onus of proving the genuineness of cash credits had been discharged. The Tribunal's decision was upheld, and no costs were awarded.