https://www.taxtmi.com/caselaws?id=284242 Section 68 requires the assessee to prove the identity, creditworthiness and genuineness of an unsecured loan creditor with credible supporting material; here, identity was shown but the creditor's financial capacity and source of funds were not satisfactorily established, so the cash credit on that basis was not fully explained. The provision applies only to sums credited in the relevant previous year, so opening balances cannot be taxed under section 68. The Tribunal therefore confined the enquiry for assessment year 2013-14 to fresh credits after verification and restored that aspect to the Assessing Officer, while sustaining the addition for assessment year 2014-15 as a fresh credit of the year. en-us Tue, 26 Jun 2018 00:00:00 +0530 Fri, 08 Nov 2019 08:12:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284242 Section 68 requires the assessee to prove the identity, creditworthiness and genuineness of an unsecured loan creditor with credible supporting material; here, identity was shown but the creditor's financial capacity and source of funds were not satisfactorily established, so the cash credit on that basis was not fully explained. The provision applies only to sums credited in the relevant previous year, so opening balances cannot be taxed under section 68. The Tribunal therefore confined the enquiry for assessment year 2013-14 to fresh credits after verification and restored that aspect to the Assessing Officer, while sustaining the addition for assessment year 2014-15 as a fresh credit of the year. Case-Laws Income Tax Tue, 26 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284242