https://www.taxtmi.com/caselaws?id=353087 Section 68 requires an assessee to explain the nature and source of a credited sum by proving the creditor's identity, creditworthiness, and the genuineness of the transaction. Mere proof that loans came through account payee cheques, or that some creditors were identifiable in books, does not by itself satisfy that burden. The court rejected the contention that the Assessing Officer had to make an independent enquiry into the creditors' own sources, and distinguished share application money cases as inapplicable to loans from known lenders. The additions as unexplained credits were sustained. en-us Tue, 19 Sep 2017 00:00:00 +0530 Wed, 27 Dec 2017 10:16:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353087 Section 68 requires an assessee to explain the nature and source of a credited sum by proving the creditor's identity, creditworthiness, and the genuineness of the transaction. Mere proof that loans came through account payee cheques, or that some creditors were identifiable in books, does not by itself satisfy that burden. The court rejected the contention that the Assessing Officer had to make an independent enquiry into the creditors' own sources, and distinguished share application money cases as inapplicable to loans from known lenders. The additions as unexplained credits were sustained. Case-Laws Income Tax Tue, 19 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353087