https://www.taxtmi.com/caselaws?id=218051 Unsecured loan credits were deleted under section 68 because the assessee produced confirmations, bank statements, income-tax returns and source details, and the material established the creditors' identity, creditworthiness and transaction genuineness, including the source of funds through partner capital and matured fixed deposits. Estimation-based disallowance of expenditure was also sustained in reduced form because the appellate reduction was itself an estimate made having regard to the business and expenses involved, and no legal infirmity was shown. The Revenue's challenge therefore failed on both issues. en-us Fri, 19 Oct 2012 00:00:00 +0530 Wed, 31 Oct 2012 16:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218051 Unsecured loan credits were deleted under section 68 because the assessee produced confirmations, bank statements, income-tax returns and source details, and the material established the creditors' identity, creditworthiness and transaction genuineness, including the source of funds through partner capital and matured fixed deposits. Estimation-based disallowance of expenditure was also sustained in reduced form because the appellate reduction was itself an estimate made having regard to the business and expenses involved, and no legal infirmity was shown. The Revenue's challenge therefore failed on both issues. Case-Laws Income Tax Fri, 19 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218051