https://www.taxtmi.com/caselaws?id=192277 Unexplained cash credits assessed under section 68 retain the character of deemed income and cannot be reclassified as business income merely because the assessee carries on business. Where the assessee fails to prove the identity, capacity, genuineness and creditworthiness of the creditors, the receipts remain unexplained and do not acquire a business nexus. The Tribunal distinguished authorities on trading receipts because those cases involved a direct link with business activity or supporting confirmations. As a result, the deemed addition could not be used to claim deduction under section 80-IB. en-us Tue, 29 Jan 2013 00:00:00 +0530 Mon, 01 Oct 2018 12:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192277 Unexplained cash credits assessed under section 68 retain the character of deemed income and cannot be reclassified as business income merely because the assessee carries on business. Where the assessee fails to prove the identity, capacity, genuineness and creditworthiness of the creditors, the receipts remain unexplained and do not acquire a business nexus. The Tribunal distinguished authorities on trading receipts because those cases involved a direct link with business activity or supporting confirmations. As a result, the deemed addition could not be used to claim deduction under section 80-IB. Case-Laws Income Tax Tue, 29 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192277