https://www.taxtmi.com/caselaws?id=12170 In a search block assessment, the HC considered whether cash credits recorded in regular books could be excluded from block computation and whether the loans were genuine under s. 68 principles. Where creditors (other than one) appeared, confirmed the loans, disclosed sources, and their identities were undisputed, the assessee was held to have discharged the initial burden; given the petty amounts, lack of creditworthiness could not be inferred, so no addition could be made for those credits. For the lone creditor who neither appeared nor filed confirmation, genuineness was not established, and the AO's addition was restored. The HC further held that mere recording in regular books does not bar taxation in block assessment if the income was not taxed in regular assessments; the appeal was partly allowed. en-us Tue, 13 Aug 2002 00:00:00 +0530 Mon, 12 Jan 2026 11:12:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12170 In a search block assessment, the HC considered whether cash credits recorded in regular books could be excluded from block computation and whether the loans were genuine under s. 68 principles. Where creditors (other than one) appeared, confirmed the loans, disclosed sources, and their identities were undisputed, the assessee was held to have discharged the initial burden; given the petty amounts, lack of creditworthiness could not be inferred, so no addition could be made for those credits. For the lone creditor who neither appeared nor filed confirmation, genuineness was not established, and the AO's addition was restored. The HC further held that mere recording in regular books does not bar taxation in block assessment if the income was not taxed in regular assessments; the appeal was partly allowed. Case-Laws Income Tax Tue, 13 Aug 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12170