https://www.taxtmi.com/caselaws?id=380714 Unsecured loans were not treated as unexplained cash credits under section 68 where the assessee substantiated the lenders through income-tax returns, bank statements, confirmations, affidavits, audited financial statements and incorporation details. The bank responses under section 133(6) showed KYC-compliant lenders and no cash deposits before cheque issuance, while the lenders' balance sheets reflected adequate funds or borrowings to advance the loans. Identity, genuineness and source of funds were therefore established, and low or nil income of some lenders did not by itself defeat creditworthiness. The addition under section 68 was held unsustainable and the CIT(A)'s deletion was upheld. en-us Fri, 24 May 2019 00:00:00 +0530 Mon, 27 May 2019 07:25:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380714 Unsecured loans were not treated as unexplained cash credits under section 68 where the assessee substantiated the lenders through income-tax returns, bank statements, confirmations, affidavits, audited financial statements and incorporation details. The bank responses under section 133(6) showed KYC-compliant lenders and no cash deposits before cheque issuance, while the lenders' balance sheets reflected adequate funds or borrowings to advance the loans. Identity, genuineness and source of funds were therefore established, and low or nil income of some lenders did not by itself defeat creditworthiness. The addition under section 68 was held unsustainable and the CIT(A)'s deletion was upheld. Case-Laws Income Tax Fri, 24 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380714