https://www.taxtmi.com/caselaws?id=419251 Additions on unsecured loans were examined lender-wise against confirmations, bank statements and remand material: where identity, genuineness and creditworthiness were supported, the additions were deleted, while unsupported lenders remained liable to addition. Section 41(1) could not be invoked for sundry creditors because the liabilities were recorded in audited books, linked to current-year purchases or otherwise acknowledged, and no remission or cessation was shown; that addition was deleted. Cash deposits were also treated as explained where the assessee produced an opening cash balance, accepted books and a cash flow statement, and the Revenue brought no contrary material; that addition was deleted. en-us Tue, 22 Feb 2022 00:00:00 +0530 Mon, 07 Mar 2022 12:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419251 Additions on unsecured loans were examined lender-wise against confirmations, bank statements and remand material: where identity, genuineness and creditworthiness were supported, the additions were deleted, while unsupported lenders remained liable to addition. Section 41(1) could not be invoked for sundry creditors because the liabilities were recorded in audited books, linked to current-year purchases or otherwise acknowledged, and no remission or cessation was shown; that addition was deleted. Cash deposits were also treated as explained where the assessee produced an opening cash balance, accepted books and a cash flow statement, and the Revenue brought no contrary material; that addition was deleted. Case-Laws Income Tax Tue, 22 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419251