https://www.taxtmi.com/caselaws?id=462372 ITAT Delhi upheld addition under section 68 for unexplained credit of Rs. 1.60 crores where assessee failed to establish genuineness of unsecured loan transaction. The lender denied extending any loan during his own assessment proceedings despite initially confirming the transaction. Court held that identity, creditworthiness and genuineness must be established cumulatively at the time of credit entry. Subsequent repayment does not validate original transaction. However, ITAT allowed set-off of losses against deemed income under section 68 as prohibition under section 115BBE(2) was not applicable for AY 2013-14, being effective only from 2017-18. en-us Wed, 23 Apr 2025 00:00:00 +0530 Wed, 11 Jun 2025 10:43:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462372 ITAT Delhi upheld addition under section 68 for unexplained credit of Rs. 1.60 crores where assessee failed to establish genuineness of unsecured loan transaction. The lender denied extending any loan during his own assessment proceedings despite initially confirming the transaction. Court held that identity, creditworthiness and genuineness must be established cumulatively at the time of credit entry. Subsequent repayment does not validate original transaction. However, ITAT allowed set-off of losses against deemed income under section 68 as prohibition under section 115BBE(2) was not applicable for AY 2013-14, being effective only from 2017-18. Case-Laws Income Tax Wed, 23 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462372