https://www.taxtmi.com/caselaws?id=289078 The Tribunal upheld the addition of unexplained cash credit by the Assessing Officer and CIT (Appeals), dismissing the appeal due to the failure to establish the capacity and credibility of individuals providing unsecured loans or gifts. Despite the assessee's submissions of receipts, doubts were raised regarding the donors' capacity. The Tribunal emphasized the need for evidence beyond mere confirmations to prove legitimacy, ultimately affirming the additions as unsecured cash credit. The appeal was dismissed, highlighting the importance of substantiating transactions and demonstrating the financial capacity of parties involved in such transactions. en-us Tue, 26 Jun 2018 00:00:00 +0530 Tue, 14 Jul 2020 09:56:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289078 The Tribunal upheld the addition of unexplained cash credit by the Assessing Officer and CIT (Appeals), dismissing the appeal due to the failure to establish the capacity and credibility of individuals providing unsecured loans or gifts. Despite the assessee's submissions of receipts, doubts were raised regarding the donors' capacity. The Tribunal emphasized the need for evidence beyond mere confirmations to prove legitimacy, ultimately affirming the additions as unsecured cash credit. The appeal was dismissed, highlighting the importance of substantiating transactions and demonstrating the financial capacity of parties involved in such transactions. Case-Laws Income Tax Tue, 26 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289078