https://www.taxtmi.com/caselaws?id=370905 Section 68 addition for loans as unexplained cash credits could not be conclusively decided on the existing record because the lenders' genuineness, creditworthiness, and the source of cash deposits in their bank accounts remained unverified. Although confirmations and section 133(6) materials were filed, the directors of the lending companies did not comply with summons and were not produced despite opportunity, leaving the assessee's onus undischarged on the material facts. The matter was therefore remanded to the Assessing Officer for fresh adjudication after production of the directors and explanation of the cash deposits. en-us Thu, 15 Nov 2018 00:00:00 +0530 Mon, 26 Nov 2018 07:58:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370905 Section 68 addition for loans as unexplained cash credits could not be conclusively decided on the existing record because the lenders' genuineness, creditworthiness, and the source of cash deposits in their bank accounts remained unverified. Although confirmations and section 133(6) materials were filed, the directors of the lending companies did not comply with summons and were not produced despite opportunity, leaving the assessee's onus undischarged on the material facts. The matter was therefore remanded to the Assessing Officer for fresh adjudication after production of the directors and explanation of the cash deposits. Case-Laws Income Tax Thu, 15 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370905