https://www.taxtmi.com/caselaws?id=76976 The High Court upheld the Tribunal's decision regarding the assessment of unsecured loans under section 68 of the Income-tax Act for the assessment year 2001-02. The Court found that the appellant failed to prove the genuineness of the transaction, considering discrepancies in statements, lack of evidence, and implausibility of interest-free loans. The Court concluded that the appellant did not meet the test of human probabilities in establishing the authenticity of the loans, leading to the dismissal of the appeal and upholding of additions under section 68. en-us Mon, 23 Nov 2009 00:00:00 +0530 Thu, 03 Jan 2013 12:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=76976 The High Court upheld the Tribunal's decision regarding the assessment of unsecured loans under section 68 of the Income-tax Act for the assessment year 2001-02. The Court found that the appellant failed to prove the genuineness of the transaction, considering discrepancies in statements, lack of evidence, and implausibility of interest-free loans. The Court concluded that the appellant did not meet the test of human probabilities in establishing the authenticity of the loans, leading to the dismissal of the appeal and upholding of additions under section 68. Case-Laws Income Tax Mon, 23 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=76976