https://www.taxtmi.com/caselaws?id=783002 A cash credit cannot be taxed under section 68 unless it pertains to the relevant previous year, and an opening balance carried forward from earlier years is not a fresh credit in the year under review. On the facts, the carried-forward amount was deleted because it had already been reflected in earlier years and had not arisen again in the assessment year. Where the assessee produced loan confirmations, income-tax acknowledgements and bank statements of the lenders, those documents discharged the initial burden of proving identity, creditworthiness and genuineness, and the addition was deleted because no independent adverse material was brought to rebut them. en-us Wed, 03 Dec 2025 00:00:00 +0530 Mon, 08 Dec 2025 08:31:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=783002 A cash credit cannot be taxed under section 68 unless it pertains to the relevant previous year, and an opening balance carried forward from earlier years is not a fresh credit in the year under review. On the facts, the carried-forward amount was deleted because it had already been reflected in earlier years and had not arisen again in the assessment year. Where the assessee produced loan confirmations, income-tax acknowledgements and bank statements of the lenders, those documents discharged the initial burden of proving identity, creditworthiness and genuineness, and the addition was deleted because no independent adverse material was brought to rebut them. Case-Laws Income Tax Wed, 03 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=783002