https://www.taxtmi.com/caselaws?id=237699 The Court dismissed the Tax Appeal concerning the addition of unsecured loans as unexplained cash credit under section 68 of the Income Tax Act. The Court upheld the decision that the assessee failed to prove the genuineness of transactions and the creditworthiness of the depositors, despite receiving loans through Account Payee cheques. The Tribunal found that most depositors provided bogus entries, with transactions lacking credibility due to minimal bank balances before large sums were given to the assessee. The Court emphasized the factual basis of the case and concluded that the lack of transaction genuineness led to the dismissal of the appeal. en-us Wed, 13 Mar 2013 00:00:00 +0530 Sat, 05 Oct 2013 08:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237699 The Court dismissed the Tax Appeal concerning the addition of unsecured loans as unexplained cash credit under section 68 of the Income Tax Act. The Court upheld the decision that the assessee failed to prove the genuineness of transactions and the creditworthiness of the depositors, despite receiving loans through Account Payee cheques. The Tribunal found that most depositors provided bogus entries, with transactions lacking credibility due to minimal bank balances before large sums were given to the assessee. The Court emphasized the factual basis of the case and concluded that the lack of transaction genuineness led to the dismissal of the appeal. Case-Laws Income Tax Wed, 13 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237699