https://www.taxtmi.com/caselaws?id=392207 The tribunal upheld the addition of unsecured loans under section 68 in a case where the assessee failed to prove the creditworthiness of the lenders, who were family members and directors of the company. Despite submissions of income tax returns and balance sheets, discrepancies in cash deposits raised doubts about the legitimacy of the loans. The tribunal found insufficient evidence regarding the sources of funds available with the lenders, leading to the dismissal of the appeal and affirmation of the lower authorities' decision to sustain the addition under section 68. en-us Mon, 13 Jan 2020 00:00:00 +0530 Sat, 15 Feb 2020 13:09:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392207 The tribunal upheld the addition of unsecured loans under section 68 in a case where the assessee failed to prove the creditworthiness of the lenders, who were family members and directors of the company. Despite submissions of income tax returns and balance sheets, discrepancies in cash deposits raised doubts about the legitimacy of the loans. The tribunal found insufficient evidence regarding the sources of funds available with the lenders, leading to the dismissal of the appeal and affirmation of the lower authorities' decision to sustain the addition under section 68. Case-Laws Income Tax Mon, 13 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392207