https://www.taxtmi.com/caselaws?id=772305 Addition under Section 68 arose because the assessing officer doubted the genuineness of an alleged unsecured term loan; the High Court held the assessee failed to discharge the initial onus, and the Tribunal's placement of the amount to income was upheld. The assessee's alternative contention that remission of liability should attract the remission rule was rejected because no legally enforceable liability had crystallised; therefore Section 41(1) was inapplicable. The Supreme Court declined to interfere with the High Court order and dismissed the petition, leaving the tax addition intact. en-us Tue, 03 Jun 2025 00:00:00 +0530 Mon, 09 Feb 2026 15:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772305 Addition under Section 68 arose because the assessing officer doubted the genuineness of an alleged unsecured term loan; the High Court held the assessee failed to discharge the initial onus, and the Tribunal's placement of the amount to income was upheld. The assessee's alternative contention that remission of liability should attract the remission rule was rejected because no legally enforceable liability had crystallised; therefore Section 41(1) was inapplicable. The Supreme Court declined to interfere with the High Court order and dismissed the petition, leaving the tax addition intact. Case-Laws Income Tax Tue, 03 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772305