https://www.taxtmi.com/caselaws?id=240341 A same-day development arrangement entered into immediately after purchase of land was treated as commercial exploitation in the nature of trade, not a completed transfer giving rise to capital gains, so the capital-gains addition was deleted. By contrast, an unsecured loan supported only by a confirmation was held insufficient under section 68 because the creditor's creditworthiness and the genuineness of the transaction were not proved, so that addition was sustained. A credit received from a sister through banking channels was also brought to tax under section 68 because the assessee failed to prove the donor's capacity and the real source of funds, and bank routing alone did not discharge the burden of explanation. en-us Fri, 22 Nov 2013 00:00:00 +0530 Sun, 01 Dec 2013 20:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=240341 A same-day development arrangement entered into immediately after purchase of land was treated as commercial exploitation in the nature of trade, not a completed transfer giving rise to capital gains, so the capital-gains addition was deleted. By contrast, an unsecured loan supported only by a confirmation was held insufficient under section 68 because the creditor's creditworthiness and the genuineness of the transaction were not proved, so that addition was sustained. A credit received from a sister through banking channels was also brought to tax under section 68 because the assessee failed to prove the donor's capacity and the real source of funds, and bank routing alone did not discharge the burden of explanation. Case-Laws Income Tax Fri, 22 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240341