https://www.taxtmi.com/caselaws?id=65822 Under section 68, proof of a creditor's identity alone is insufficient where cash credits are questioned; the assessee must also satisfactorily establish the creditor's creditworthiness and the genuineness of the transaction. Here, despite confirmatory letters, affidavits and some statements, the Tribunal found that the surrounding circumstances, books of account and available material did not satisfactorily prove the creditors' capacity to advance the loans. The addition could therefore be made when the explanation remained unsatisfactory, and the deletion of the cash credit addition was restored in favour of the Revenue. en-us Tue, 22 Jan 1991 00:00:00 +0530 Fri, 23 Sep 2011 08:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65822 Under section 68, proof of a creditor's identity alone is insufficient where cash credits are questioned; the assessee must also satisfactorily establish the creditor's creditworthiness and the genuineness of the transaction. Here, despite confirmatory letters, affidavits and some statements, the Tribunal found that the surrounding circumstances, books of account and available material did not satisfactorily prove the creditors' capacity to advance the loans. The addition could therefore be made when the explanation remained unsatisfactory, and the deletion of the cash credit addition was restored in favour of the Revenue. Case-Laws Income Tax Tue, 22 Jan 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65822