https://www.taxtmi.com/caselaws?id=382208 The ITAT Mumbai dismissed the appeals and upheld the addition of unexplained cash credits under section 68 of the Income Tax Act for A.Y. 2009-10 and 2011-12. The court found that the assessee failed to prove the genuineness of loans received, as discrepancies in documents and inability to establish the identity of loan parties indicated the loans were accommodation entries. The ITAT emphasized that mere production of documentary evidence was insufficient to discharge the burden of proving the legitimacy of transactions, ultimately affirming the lower authorities' decisions. en-us Thu, 04 Apr 2019 00:00:00 +0530 Thu, 27 Jun 2019 11:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382208 The ITAT Mumbai dismissed the appeals and upheld the addition of unexplained cash credits under section 68 of the Income Tax Act for A.Y. 2009-10 and 2011-12. The court found that the assessee failed to prove the genuineness of loans received, as discrepancies in documents and inability to establish the identity of loan parties indicated the loans were accommodation entries. The ITAT emphasized that mere production of documentary evidence was insufficient to discharge the burden of proving the legitimacy of transactions, ultimately affirming the lower authorities' decisions. Case-Laws Income Tax Thu, 04 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382208