https://www.taxtmi.com/caselaws?id=256107 Under section 68, credits reflected in a bank account were upheld as unexplained because the assessee gave conflicting, uncorroborated explanations and failed to prove the nature and source of the entries; facts especially within the assessee's knowledge had to be substantiated by reliable evidence. The related claims for interest and finance charges were also disallowed because the alleged borrowing liability was not confirmed and the figures were found to represent trading loss, not genuine finance cost. The appeal was therefore dismissed. en-us Wed, 29 Oct 2014 00:00:00 +0530 Wed, 04 Feb 2015 06:19:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256107 Under section 68, credits reflected in a bank account were upheld as unexplained because the assessee gave conflicting, uncorroborated explanations and failed to prove the nature and source of the entries; facts especially within the assessee's knowledge had to be substantiated by reliable evidence. The related claims for interest and finance charges were also disallowed because the alleged borrowing liability was not confirmed and the figures were found to represent trading loss, not genuine finance cost. The appeal was therefore dismissed. Case-Laws Income Tax Wed, 29 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256107