https://www.taxtmi.com/caselaws?id=235784 The High Court upheld the addition of Rs. 7,25,000 as unexplained cash credits under Section 68 of the Income Tax Act, along with the disallowance of interest paid on these credits. The court found that the assessee failed to prove the genuineness and creditworthiness of the transactions, emphasizing the lack of necessity for borrowing funds at a high interest rate and the suspicious nature of the cash deposits preceding cheque issuance. The judgment reiterated the importance of establishing the legitimacy of transactions and the financial capacity of creditors, dismissing the appeal for lack of substantial legal issues. en-us Mon, 15 Apr 2013 00:00:00 +0530 Wed, 08 Jul 2026 11:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235784 The High Court upheld the addition of Rs. 7,25,000 as unexplained cash credits under Section 68 of the Income Tax Act, along with the disallowance of interest paid on these credits. The court found that the assessee failed to prove the genuineness and creditworthiness of the transactions, emphasizing the lack of necessity for borrowing funds at a high interest rate and the suspicious nature of the cash deposits preceding cheque issuance. The judgment reiterated the importance of establishing the legitimacy of transactions and the financial capacity of creditors, dismissing the appeal for lack of substantial legal issues. Case-Laws Income Tax Mon, 15 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235784