https://www.taxtmi.com/caselaws?id=178769 Section 68 applies only to credits found in the relevant previous year, so earlier loan balances later converted into gifts by book entries could not be taxed again in the year under appeal; the deletion of that addition was upheld. For unsecured loans from family members, opening balances from earlier years could not be re-added, but fresh credits received during the year had to satisfy identity, creditworthiness and genuineness. The Tribunal sustained addition for the fresh loans from the minor daughters and directed limited re-examination of the wife's running account to the extent of any unexplained opening balance, resulting in partial relief to both sides. en-us Fri, 06 Aug 2010 00:00:00 +0530 Fri, 12 Feb 2016 11:40:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178769 Section 68 applies only to credits found in the relevant previous year, so earlier loan balances later converted into gifts by book entries could not be taxed again in the year under appeal; the deletion of that addition was upheld. For unsecured loans from family members, opening balances from earlier years could not be re-added, but fresh credits received during the year had to satisfy identity, creditworthiness and genuineness. The Tribunal sustained addition for the fresh loans from the minor daughters and directed limited re-examination of the wife's running account to the extent of any unexplained opening balance, resulting in partial relief to both sides. Case-Laws Income Tax Fri, 06 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178769