https://www.taxtmi.com/caselaws?id=327785 Section 68 requires the assessee to establish the identity of the lender, creditworthiness and genuineness of the transaction. In this ITAT Mumbai discussion, unsecured loans received from minor children were supported by bank statements, RBI bond maturity details and disclosure certificates showing that disclosed funds were invested in RBI bonds, matured, and were then advanced to the assessee. On those facts, the immediate source and movement of funds were sufficiently explained, and the credits could not be treated as unexplained merely because the explanation was not accepted at assessment stage. The additions under section 68 were therefore deleted. en-us Thu, 07 Apr 2016 00:00:00 +0530 Thu, 19 May 2016 10:24:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327785 Section 68 requires the assessee to establish the identity of the lender, creditworthiness and genuineness of the transaction. In this ITAT Mumbai discussion, unsecured loans received from minor children were supported by bank statements, RBI bond maturity details and disclosure certificates showing that disclosed funds were invested in RBI bonds, matured, and were then advanced to the assessee. On those facts, the immediate source and movement of funds were sufficiently explained, and the credits could not be treated as unexplained merely because the explanation was not accepted at assessment stage. The additions under section 68 were therefore deleted. Case-Laws Income Tax Thu, 07 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327785