https://www.taxtmi.com/highlights?id=79467 Assessee obtained loan from bogus entry provider but failed to produce lender despite directions. Inquiry prevented by assessee. Unusual for lender providing huge loans yearly without being produced. Assessee duty-bound to explain creditor identity, transaction genuineness, creditor creditworthiness. AO asked source of credit, not source of source. Appeal restored to AO to examine by producing company directors. No cross-examination requirement as assessee must independently prove cash credit ingredients. AO to examine transactions per Section 68 parameters, not relying on confessions/retractions. Appeal allowed statistically. en-us Wed, 17 Jul 2024 08:06:07 +0530 Wed, 17 Jul 2024 08:06:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=79467 Assessee obtained loan from bogus entry provider but failed to produce lender despite directions. Inquiry prevented by assessee. Unusual for lender providing huge loans yearly without being produced. Assessee duty-bound to explain creditor identity, transaction genuineness, creditor creditworthiness. AO asked source of credit, not source of source. Appeal restored to AO to examine by producing company directors. No cross-examination requirement as assessee must independently prove cash credit ingredients. AO to examine transactions per Section 68 parameters, not relying on confessions/retractions. Appeal allowed statistically. Highlights Income Tax Wed, 17 Jul 2024 08:06:07 +0530 https://www.taxtmi.com/highlights?id=79467