https://www.taxtmi.com/caselaws?id=177482 In unexplained cash credit matters, the assessee must prove the real nature of the credits with prima facie material, not merely the existence of the credited persons or book entries. The court noted that excluded post-reference statements could not be relied on, and the remaining letters, entries, and confirmations did not establish genuine loan transactions. The assessee had to show surrounding circumstances, including lender capacity and transaction probabilities, while the department was not required to prove the exact source of the funds before treating the amount as income from undisclosed sources. On the available material, the credits were not satisfactorily explained. en-us Fri, 08 Nov 1963 00:00:00 +0530 Mon, 11 Jan 2016 11:16:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177482 In unexplained cash credit matters, the assessee must prove the real nature of the credits with prima facie material, not merely the existence of the credited persons or book entries. The court noted that excluded post-reference statements could not be relied on, and the remaining letters, entries, and confirmations did not establish genuine loan transactions. The assessee had to show surrounding circumstances, including lender capacity and transaction probabilities, while the department was not required to prove the exact source of the funds before treating the amount as income from undisclosed sources. On the available material, the credits were not satisfactorily explained. Case-Laws Income Tax Fri, 08 Nov 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177482