https://www.taxtmi.com/caselaws?id=424306 The Tribunal affirmed the CIT(A)'s decision to uphold additions under section 68 for unsecured loans from two creditors. The assessee failed to prove the creditworthiness of the creditors and the genuineness of the transactions, leading to the dismissal of the appeal. Despite submitting some documentation, the Tribunal found insufficient evidence to support the legitimacy of the loans. The importance of meeting the burden of proof in such cases was emphasized, resulting in the unfavorable outcome for the assessee. en-us Tue, 07 Jun 2022 00:00:00 +0530 Sun, 26 Jun 2022 22:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424306 The Tribunal affirmed the CIT(A)'s decision to uphold additions under section 68 for unsecured loans from two creditors. The assessee failed to prove the creditworthiness of the creditors and the genuineness of the transactions, leading to the dismissal of the appeal. Despite submitting some documentation, the Tribunal found insufficient evidence to support the legitimacy of the loans. The importance of meeting the burden of proof in such cases was emphasized, resulting in the unfavorable outcome for the assessee. Case-Laws Income Tax Tue, 07 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424306