https://www.taxtmi.com/caselaws?id=272007 The Court upheld the addition under Section 68 of the Income Tax Act, emphasizing the Assessee's failure to establish the creditworthiness of loan creditors. Despite providing bank statements and other evidence, the Assessee did not discharge the initial burden of proof. The Court stressed the importance of demonstrating the lenders' financial capacity to provide the loans, rather than just showcasing their income sources. Legal precedents were cited to support the decision, resulting in the dismissal of the appeal as no substantial question of law arose. en-us Wed, 17 Feb 2016 00:00:00 +0530 Wed, 24 Feb 2016 07:44:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272007 The Court upheld the addition under Section 68 of the Income Tax Act, emphasizing the Assessee's failure to establish the creditworthiness of loan creditors. Despite providing bank statements and other evidence, the Assessee did not discharge the initial burden of proof. The Court stressed the importance of demonstrating the lenders' financial capacity to provide the loans, rather than just showcasing their income sources. Legal precedents were cited to support the decision, resulting in the dismissal of the appeal as no substantial question of law arose. Case-Laws Income Tax Wed, 17 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272007