https://www.taxtmi.com/caselaws?id=445603 Under section 68 of the Income-tax Act, an unsecured loan is accepted only if the assessee proves the creditor's identity, creditworthiness and the genuineness of the transaction. Here, although confirmation, bank records, commercial licence and passport details were produced, there was no loan agreement, no financial statements of the lender and no material showing repayment or interest, while cash was deposited in the lender's account immediately before remittance. On those facts, the initial burden was not satisfactorily discharged and the addition as unexplained credit was restored. en-us Mon, 31 Jul 2023 00:00:00 +0530 Sat, 11 Nov 2023 08:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445603 Under section 68 of the Income-tax Act, an unsecured loan is accepted only if the assessee proves the creditor's identity, creditworthiness and the genuineness of the transaction. Here, although confirmation, bank records, commercial licence and passport details were produced, there was no loan agreement, no financial statements of the lender and no material showing repayment or interest, while cash was deposited in the lender's account immediately before remittance. On those facts, the initial burden was not satisfactorily discharged and the addition as unexplained credit was restored. Case-Laws Income Tax Mon, 31 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445603