https://www.taxtmi.com/caselaws?id=381698 The ITAT allowed both appeals, ruling that the assessee adequately explained the unsecured loans received, supported by creditor confirmations and bank statements. The tribunal held that the burden on the assessee is to prove creditor existence and fund sources, not beyond. Therefore, additions under section 68 were deemed unjustified, overturning the CIT(A)'s decisions due to lack of evidence linking cash deposits to the assessee. en-us Thu, 30 May 2019 00:00:00 +0530 Tue, 18 Jun 2019 05:48:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381698 The ITAT allowed both appeals, ruling that the assessee adequately explained the unsecured loans received, supported by creditor confirmations and bank statements. The tribunal held that the burden on the assessee is to prove creditor existence and fund sources, not beyond. Therefore, additions under section 68 were deemed unjustified, overturning the CIT(A)'s decisions due to lack of evidence linking cash deposits to the assessee. Case-Laws Income Tax Thu, 30 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381698