https://www.taxtmi.com/caselaws?id=401115 The Tribunal upheld the CIT(A)'s decision regarding the assessment of unsecured loans under section 68 of the Income-tax Act, 1961. The appeal by the assessee, engaged in an advertisement agency business, was dismissed, emphasizing the importance of establishing transaction genuineness and income sources. The Tribunal highlighted the failure to prove the creditor's identity, creditworthiness, and transaction genuineness, leading to the rejection of the appeal on 25th November 2020. en-us Wed, 25 Nov 2020 00:00:00 +0530 Fri, 27 Nov 2020 11:18:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401115 The Tribunal upheld the CIT(A)'s decision regarding the assessment of unsecured loans under section 68 of the Income-tax Act, 1961. The appeal by the assessee, engaged in an advertisement agency business, was dismissed, emphasizing the importance of establishing transaction genuineness and income sources. The Tribunal highlighted the failure to prove the creditor's identity, creditworthiness, and transaction genuineness, leading to the rejection of the appeal on 25th November 2020. Case-Laws Income Tax Wed, 25 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401115