https://www.taxtmi.com/article/detailed?id=10497 Unexplained cash deposits in creditors' bank accounts preceding issuance of demand drafts prompted additions under Section 68 because the borrower failed to produce creditor confirmations, KYC, PAN, business records, ITRs or books. The creditor statements were filed by the borrower rather than on creditor letterhead or by the creditor, creating suspicion and necessitating AO verification of the creditor's sources. Assessing officers should seek proof from creditors; borrowers should request notices to creditors and prefer bank transfers or cheques to avoid imputation under Section 68. en-us Sat, 02 Jul 2022 09:21:59 +0530 Sat, 02 Jul 2022 09:21:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=10497 Unexplained cash deposits in creditors' bank accounts preceding issuance of demand drafts prompted additions under Section 68 because the borrower failed to produce creditor confirmations, KYC, PAN, business records, ITRs or books. The creditor statements were filed by the borrower rather than on creditor letterhead or by the creditor, creating suspicion and necessitating AO verification of the creditor's sources. Assessing officers should seek proof from creditors; borrowers should request notices to creditors and prefer bank transfers or cheques to avoid imputation under Section 68. Articles Income Tax Sat, 02 Jul 2022 09:21:59 +0530 https://www.taxtmi.com/article/detailed?id=10497