The Income Tax Appellate Tribunal (ITAT), Delhi bench consisting of Saktijit Dey, Judicial Member, and Pradip Kumar Kedia, Accountant Member held that the onus of establishing creditworthiness and genuineness of transactions is on the assessee under Section 68 of Income Tax Act. The assessee, Zodiac Transport Co.Pvt. Ltd submitted that the action for upholding the…
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