https://www.taxtmi.com/caselaws?id=264503 Section 68 requires the assessee to establish the creditor's identity, creditworthiness and the genuineness of the transaction. Where unsecured loan funds were supported by bank certificate, bank statement, lender affidavit and return of income, and the credit was shown to have moved through banking channels from an NRE account, the documentary record was sufficient. The assessee is not required to prove the source of the creditor's source. A Revenue objection based only on non-production of the lender's foreign bank account does not displace otherwise credible evidence of the loan transaction. en-us Tue, 14 Jul 2015 00:00:00 +0530 Sat, 26 Sep 2015 00:15:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264503 Section 68 requires the assessee to establish the creditor's identity, creditworthiness and the genuineness of the transaction. Where unsecured loan funds were supported by bank certificate, bank statement, lender affidavit and return of income, and the credit was shown to have moved through banking channels from an NRE account, the documentary record was sufficient. The assessee is not required to prove the source of the creditor's source. A Revenue objection based only on non-production of the lender's foreign bank account does not displace otherwise credible evidence of the loan transaction. Case-Laws Income Tax Tue, 14 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264503