https://www.taxtmi.com/caselaws?id=173809 The appeal challenged the addition of Rs. 10,00,000/- under section 68 of the IT Act for unexplained cash credits/loans received from 7 depositors. The CIT(A) confirmed the addition, finding that the loans represented bogus accommodation entries as the creditworthiness of the depositors was not satisfactorily explained. The Tribunal upheld this decision, stating that the assessee failed to prove the creditworthiness of the depositors and the genuineness of the transactions. As a result, the appeal was dismissed. en-us Thu, 29 Dec 2011 00:00:00 +0530 Tue, 22 Sep 2015 18:23:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=173809 The appeal challenged the addition of Rs. 10,00,000/- under section 68 of the IT Act for unexplained cash credits/loans received from 7 depositors. The CIT(A) confirmed the addition, finding that the loans represented bogus accommodation entries as the creditworthiness of the depositors was not satisfactorily explained. The Tribunal upheld this decision, stating that the assessee failed to prove the creditworthiness of the depositors and the genuineness of the transactions. As a result, the appeal was dismissed. Case-Laws Income Tax Thu, 29 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=173809