https://www.taxtmi.com/caselaws?id=9864 Addition as unexplained cash credit under section 68 was held unsustainable where the assessee proved the identity and creditworthiness of the creditors and the loans were advanced by account payee cheques. The creditors were income-tax assessees, their identities were not disputed, and the only remaining issue was the genuineness of the transactions. In the absence of material showing that the credits actually belonged to the assessee or supporting an adverse finding on genuineness, no inference could be drawn merely on suspicion. The Tribunal's rejection of the transactions was held to be unsupported by evidence and perverse, and the addition was deleted. en-us Wed, 26 Jul 2006 00:00:00 +0530 Thu, 02 Jul 2009 11:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9864 Addition as unexplained cash credit under section 68 was held unsustainable where the assessee proved the identity and creditworthiness of the creditors and the loans were advanced by account payee cheques. The creditors were income-tax assessees, their identities were not disputed, and the only remaining issue was the genuineness of the transactions. In the absence of material showing that the credits actually belonged to the assessee or supporting an adverse finding on genuineness, no inference could be drawn merely on suspicion. The Tribunal's rejection of the transactions was held to be unsupported by evidence and perverse, and the addition was deleted. Case-Laws Income Tax Wed, 26 Jul 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9864