https://www.taxtmi.com/caselaws?id=217592 Cash credits are not excluded from section 68 merely by producing confirmations; the assessee must establish the creditor's identity, creditworthiness and genuineness of the transaction, and unexplained credits may be sustained where the source remains unproved. On the facts noted, some additions were deleted because the assessee discharged the initial onus through confirmations, banking entries and surrounding circumstances, but a large credit was upheld for want of material proving the creditor's capacity. Interest shown from partnership firms required verification from firm records because the exact amounts brought to tax were not clearly supported, so those additions were remitted for fresh determination. Interest under sections 234B and 234C was consequential to the final assessment outcome. en-us Tue, 10 Jul 2012 00:00:00 +0530 Fri, 19 Oct 2012 13:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217592 Cash credits are not excluded from section 68 merely by producing confirmations; the assessee must establish the creditor's identity, creditworthiness and genuineness of the transaction, and unexplained credits may be sustained where the source remains unproved. On the facts noted, some additions were deleted because the assessee discharged the initial onus through confirmations, banking entries and surrounding circumstances, but a large credit was upheld for want of material proving the creditor's capacity. Interest shown from partnership firms required verification from firm records because the exact amounts brought to tax were not clearly supported, so those additions were remitted for fresh determination. Interest under sections 234B and 234C was consequential to the final assessment outcome. Case-Laws Income Tax Tue, 10 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217592