https://www.taxtmi.com/caselaws?id=347080 The HC set aside the ITAT's order deleting additions under s. 68, holding that the assessee failed to discharge the onus of proving identity, creditworthiness, and genuineness of unsecured loan entries. The ITAT erred in treating cheque payments as sufficient proof while ignoring material contradictions in the assessee's explanations and surrounding circumstances, including that a purported creditor was not even an income-tax assessee. The alleged interest-free, agreement-less loans lacked bona fides and did not inspire confidence. The creditors failed the test of creditworthiness and the transactions failed the test of genuineness; the additions were confirmed and the decision was in favour of the Revenue. en-us Fri, 25 Aug 2017 00:00:00 +0530 Wed, 17 Dec 2025 14:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347080 The HC set aside the ITAT's order deleting additions under s. 68, holding that the assessee failed to discharge the onus of proving identity, creditworthiness, and genuineness of unsecured loan entries. The ITAT erred in treating cheque payments as sufficient proof while ignoring material contradictions in the assessee's explanations and surrounding circumstances, including that a purported creditor was not even an income-tax assessee. The alleged interest-free, agreement-less loans lacked bona fides and did not inspire confidence. The creditors failed the test of creditworthiness and the transactions failed the test of genuineness; the additions were confirmed and the decision was in favour of the Revenue. Case-Laws Income Tax Fri, 25 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347080