https://www.taxtmi.com/caselaws?id=770548 Section 68 additions were held unsustainable where bank credits were supported by confirmations, returns, bank statements and a repayment trail, and the assessee showed that the receipts were either unsecured loans repaid during the year or recoveries of earlier advances. Bank passbooks were treated as not constituting books of account, and the primary onus was found discharged on a preponderance of probabilities. Genuine family gifts of loose diamonds were also accepted because gift deeds, purchase invoices and donor bank records showed a documentary trail and no adverse material rebutted the explanation. The additions were deleted. en-us Thu, 08 May 2025 00:00:00 +0530 Tue, 13 May 2025 09:17:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770548 Section 68 additions were held unsustainable where bank credits were supported by confirmations, returns, bank statements and a repayment trail, and the assessee showed that the receipts were either unsecured loans repaid during the year or recoveries of earlier advances. Bank passbooks were treated as not constituting books of account, and the primary onus was found discharged on a preponderance of probabilities. Genuine family gifts of loose diamonds were also accepted because gift deeds, purchase invoices and donor bank records showed a documentary trail and no adverse material rebutted the explanation. The additions were deleted. Case-Laws Income Tax Thu, 08 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770548