https://www.taxtmi.com/caselaws?id=325922 The dominant issue was whether unsecured loan credits could be added as unexplained cash credits. The Tribunal held that the assessee discharged the burden by producing creditor confirmation, identity and residence documents, bank statements evidencing receipt through account-payee cheques, and an affidavit explaining the creditor's income from an overseas proprietorship business. The genuineness of the transactions was supported by corresponding bank debits in the creditor's account, and the creditor's creditworthiness was demonstrated from the disclosed business and banking trail. As the AO produced no material to rebut these evidences or to show the credits were accommodation entries, the addition was deleted and the appeal was allowed. en-us Mon, 28 Mar 2016 00:00:00 +0530 Sat, 10 Jan 2026 12:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325922 The dominant issue was whether unsecured loan credits could be added as unexplained cash credits. The Tribunal held that the assessee discharged the burden by producing creditor confirmation, identity and residence documents, bank statements evidencing receipt through account-payee cheques, and an affidavit explaining the creditor's income from an overseas proprietorship business. The genuineness of the transactions was supported by corresponding bank debits in the creditor's account, and the creditor's creditworthiness was demonstrated from the disclosed business and banking trail. As the AO produced no material to rebut these evidences or to show the credits were accommodation entries, the addition was deleted and the appeal was allowed. Case-Laws Income Tax Mon, 28 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325922