https://www.taxtmi.com/caselaws?id=424956 The High Court upheld the decision of the lower authorities regarding unsecured loans for the Assessment Year 2015-16. The Court found that the appellant failed to establish the genuineness and creditworthiness of the lenders beyond paperwork and that non-compliance with notices alone could not justify adding under Section 68 of the Income Tax Act. Emphasizing the importance of evidence, the Court dismissed the appeal, stating that it would not overturn factual findings unless they were perverse. The appeal lacked merit, and the Court affirmed the lower authorities' decision on the unsecured loans. en-us Mon, 04 Jul 2022 00:00:00 +0530 Tue, 12 Jul 2022 13:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424956 The High Court upheld the decision of the lower authorities regarding unsecured loans for the Assessment Year 2015-16. The Court found that the appellant failed to establish the genuineness and creditworthiness of the lenders beyond paperwork and that non-compliance with notices alone could not justify adding under Section 68 of the Income Tax Act. Emphasizing the importance of evidence, the Court dismissed the appeal, stating that it would not overturn factual findings unless they were perverse. The appeal lacked merit, and the Court affirmed the lower authorities' decision on the unsecured loans. Case-Laws Income Tax Mon, 04 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424956