https://www.taxtmi.com/caselaws?id=341648 The Allahabad High Court upheld the disallowance under Section 68 of the Income Tax Act in two appeals where amounts were added as unexplained loans. The court found that the alleged creditors lacked creditworthiness, as their income was insufficient, and the loans were purportedly given from prematurely encashed Fixed Deposit Receipts. The Tribunal's conclusion that the transactions lacked genuineness and creditworthiness was affirmed by the High Court, leading to the dismissal of both appeals in favor of the revenue authorities. The judgments emphasized the importance of establishing genuine and creditworthy transactions to avoid disallowances under the Income Tax Act. en-us Thu, 30 Mar 2017 00:00:00 +0530 Fri, 14 Apr 2017 06:59:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341648 The Allahabad High Court upheld the disallowance under Section 68 of the Income Tax Act in two appeals where amounts were added as unexplained loans. The court found that the alleged creditors lacked creditworthiness, as their income was insufficient, and the loans were purportedly given from prematurely encashed Fixed Deposit Receipts. The Tribunal's conclusion that the transactions lacked genuineness and creditworthiness was affirmed by the High Court, leading to the dismissal of both appeals in favor of the revenue authorities. The judgments emphasized the importance of establishing genuine and creditworthy transactions to avoid disallowances under the Income Tax Act. Case-Laws Income Tax Thu, 30 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341648