https://www.taxtmi.com/caselaws?id=341081 An addition under section 68 cannot be sustained where the assessee proves the creditor's identity, the genuineness of the unsecured loans, and the source of the credits with satisfactory material. Here, confirmations were furnished, the loan creditors responded to summons, and the loans were repaid, showing that the transactions were real and not bogus. The assessee discharged the initial burden, and the Revenue failed to establish any basis to treat the credits as unexplained. The addition was therefore deleted. en-us Wed, 22 Mar 2017 00:00:00 +0530 Sat, 01 Apr 2017 09:31:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341081 An addition under section 68 cannot be sustained where the assessee proves the creditor's identity, the genuineness of the unsecured loans, and the source of the credits with satisfactory material. Here, confirmations were furnished, the loan creditors responded to summons, and the loans were repaid, showing that the transactions were real and not bogus. The assessee discharged the initial burden, and the Revenue failed to establish any basis to treat the credits as unexplained. The addition was therefore deleted. Case-Laws Income Tax Wed, 22 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341081