https://www.taxtmi.com/caselaws?id=12687 Section 68 addition was sustained where the Tribunal found the alleged loan credits to be unconvincing and unsupported by proof. The explanation for Rs. 54,000 failed because the creditor did not show the borrowers were known to him, the dates of advance were not disclosed, and no interest was charged despite the claimed advances; the Tribunal treated the entry as a paper transaction. As nothing was produced to dislodge that factual finding, the remaining Rs. 7,000 was also treated as part of the unexplained credit. The challenge to the addition therefore failed. en-us Mon, 23 Jul 2001 00:00:00 +0530 Thu, 21 May 2009 11:50:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12687 Section 68 addition was sustained where the Tribunal found the alleged loan credits to be unconvincing and unsupported by proof. The explanation for Rs. 54,000 failed because the creditor did not show the borrowers were known to him, the dates of advance were not disclosed, and no interest was charged despite the claimed advances; the Tribunal treated the entry as a paper transaction. As nothing was produced to dislodge that factual finding, the remaining Rs. 7,000 was also treated as part of the unexplained credit. The challenge to the addition therefore failed. Case-Laws Income Tax Mon, 23 Jul 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12687