https://www.taxtmi.com/article/detailed?id=11838 The law now requires that loans, borrowings or other liabilities be treated as explained only if the creditor's source of funds is shown; previously identity, capacity and genuineness of the creditor sufficed. Where the assessee supplies lender particulars, confirmations and bank records, the assessing officer must verify those creditors and cannot make additions on mere suspicion. If funds pass through conduit entities, the assessee must prove conduit status and trace funds, demonstrating identity, capacity and creditworthiness to rebut allegations of bogus or accommodation entries. en-us Tue, 12 Sep 2023 10:04:43 +0530 Tue, 12 Sep 2023 10:04:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=11838 The law now requires that loans, borrowings or other liabilities be treated as explained only if the creditor's source of funds is shown; previously identity, capacity and genuineness of the creditor sufficed. Where the assessee supplies lender particulars, confirmations and bank records, the assessing officer must verify those creditors and cannot make additions on mere suspicion. If funds pass through conduit entities, the assessee must prove conduit status and trace funds, demonstrating identity, capacity and creditworthiness to rebut allegations of bogus or accommodation entries. Articles Income Tax Tue, 12 Sep 2023 10:04:43 +0530 https://www.taxtmi.com/article/detailed?id=11838