https://www.taxtmi.com/caselaws?id=465505 Unsecured loan credits were examined under s. 68; the assessee failed to establish identity, creditworthiness, and genuineness of lenders, and did not produce claimed ITRs/bank statements before the CIT(A), hence the addition was sustained and the ground was dismissed. Sundry creditor balances were also tested under s. 68; confirmations and ledger extracts were incomplete (lacking tax particulars and, in some cases, addresses), so the primary onus was not discharged, resulting in confirmation of the addition. For expenses, non-production of books of account/audit report meant mere ledger copies could not satisfy s. 145 requirements, so the disallowance/addition was upheld. Alleged non-current investments were treated as unexplained under s. 69 r/w s. 115BBE because no source/books were produced, so the addition was confirmed; the appeal was dismissed. en-us Thu, 22 Jun 2023 00:00:00 +0530 Mon, 29 Dec 2025 18:33:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465505 Unsecured loan credits were examined under s. 68; the assessee failed to establish identity, creditworthiness, and genuineness of lenders, and did not produce claimed ITRs/bank statements before the CIT(A), hence the addition was sustained and the ground was dismissed. Sundry creditor balances were also tested under s. 68; confirmations and ledger extracts were incomplete (lacking tax particulars and, in some cases, addresses), so the primary onus was not discharged, resulting in confirmation of the addition. For expenses, non-production of books of account/audit report meant mere ledger copies could not satisfy s. 145 requirements, so the disallowance/addition was upheld. Alleged non-current investments were treated as unexplained under s. 69 r/w s. 115BBE because no source/books were produced, so the addition was confirmed; the appeal was dismissed. Case-Laws Income Tax Thu, 22 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465505