https://www.taxtmi.com/caselaws?id=215702 Where an assessee produced confirmations, bank statements, income-tax particulars and the creditors were examined on oath, the initial burden under section 68 stood discharged by showing identity of the creditors, genuineness of the loan transactions and their creditworthiness. The loans were routed through account payee cheques, the assessee maintained regular books, and the trade results were not disturbed. In these circumstances, requiring proof of the source of deposits in the creditors' bank accounts amounted to insisting on proof of source of source, which was not warranted absent material showing that the assessee's own unaccounted money had been routed through those accounts. The addition under section 68 was therefore deleted. en-us Mon, 07 May 2012 00:00:00 +0530 Mon, 13 Aug 2012 17:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215702 Where an assessee produced confirmations, bank statements, income-tax particulars and the creditors were examined on oath, the initial burden under section 68 stood discharged by showing identity of the creditors, genuineness of the loan transactions and their creditworthiness. The loans were routed through account payee cheques, the assessee maintained regular books, and the trade results were not disturbed. In these circumstances, requiring proof of the source of deposits in the creditors' bank accounts amounted to insisting on proof of source of source, which was not warranted absent material showing that the assessee's own unaccounted money had been routed through those accounts. The addition under section 68 was therefore deleted. Case-Laws Income Tax Mon, 07 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215702