https://www.taxtmi.com/caselaws?id=270866 A loan of Rs. 8 lakhs received by an assessee from his brother was examined for possible treatment as unexplained cash credit or for protective taxation. The record showed that the brother was the lender, the transaction was genuine, and the creditor's identity and creditworthiness were established. As the same sum had already been assessed in the brother's hands on a substantive basis, taxing it again in the assessee's hands would amount to double addition. Section 69 was found inapplicable and section 68 also did not support the addition. The amount was therefore not taxable in the assessee's hands and was treated as a capital receipt. en-us Wed, 28 Oct 2015 00:00:00 +0530 Tue, 19 Jan 2016 13:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270866 A loan of Rs. 8 lakhs received by an assessee from his brother was examined for possible treatment as unexplained cash credit or for protective taxation. The record showed that the brother was the lender, the transaction was genuine, and the creditor's identity and creditworthiness were established. As the same sum had already been assessed in the brother's hands on a substantive basis, taxing it again in the assessee's hands would amount to double addition. Section 69 was found inapplicable and section 68 also did not support the addition. The amount was therefore not taxable in the assessee's hands and was treated as a capital receipt. Case-Laws Income Tax Wed, 28 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270866