https://www.taxtmi.com/caselaws?id=372225 The High Court upheld the Tribunal's decision regarding the addition of unsecured loans under Section 68 of the Income Tax Act for Assessment Year 2009-10. The Court found that the assessee had provided sufficient documentary evidence for most creditors, shifting the burden of proof to the Revenue. While loans from 13 parties were deemed questionable and added to the income, loans from the majority were considered genuine and not subject to addition. The Court emphasized the importance of credibility and explanations in such cases, ultimately dismissing the appeal without costs as no substantial question of law arose. en-us Tue, 11 Dec 2018 00:00:00 +0530 Wed, 19 Dec 2018 09:56:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372225 The High Court upheld the Tribunal's decision regarding the addition of unsecured loans under Section 68 of the Income Tax Act for Assessment Year 2009-10. The Court found that the assessee had provided sufficient documentary evidence for most creditors, shifting the burden of proof to the Revenue. While loans from 13 parties were deemed questionable and added to the income, loans from the majority were considered genuine and not subject to addition. The Court emphasized the importance of credibility and explanations in such cases, ultimately dismissing the appeal without costs as no substantial question of law arose. Case-Laws Income Tax Tue, 11 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372225