https://www.taxtmi.com/caselaws?id=350916 Section 68 additions were deleted where the assessee supported the credits with documentary evidence and surrounding circumstances showing identity, creditworthiness and genuineness. An opening cash balance was accepted because the balance sheet, bank withdrawals and past assessment history supported the explanation. Unsecured loans were accepted where one lender was an agriculturist with landholding and receipts, and the other was a salaried government employee with confirmations and return details; cash deposits in the lenders' accounts, without more, were insufficient. An advance received under an agreement to sell was also accepted because the agreement and purchaser statements supported the transaction and source of funds, and completion of the sale was not necessary. en-us Mon, 06 Nov 2017 00:00:00 +0530 Wed, 15 Nov 2017 10:01:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350916 Section 68 additions were deleted where the assessee supported the credits with documentary evidence and surrounding circumstances showing identity, creditworthiness and genuineness. An opening cash balance was accepted because the balance sheet, bank withdrawals and past assessment history supported the explanation. Unsecured loans were accepted where one lender was an agriculturist with landholding and receipts, and the other was a salaried government employee with confirmations and return details; cash deposits in the lenders' accounts, without more, were insufficient. An advance received under an agreement to sell was also accepted because the agreement and purchaser statements supported the transaction and source of funds, and completion of the sale was not necessary. Case-Laws Income Tax Mon, 06 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350916