https://www.taxtmi.com/caselaws?id=791787 An assessee discharges the primary burden under section 68 where it produces confirmations, PAN details, income-tax returns, audited financial statements and bank records showing the identity, creditworthiness and genuineness of unsecured loan transactions; once that evidence is unrebutted, additions for the loans, alleged commission and related interest cannot survive. A credit note supported by ledger entries and other documents, and shown to arise from a normal business adjustment, is not unexplained expenditure under section 69C and may also qualify as business expenditure under section 37(1). The additions were therefore deleted. en-us Wed, 08 Apr 2026 00:00:00 +0530 Mon, 18 May 2026 08:40:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=791787 An assessee discharges the primary burden under section 68 where it produces confirmations, PAN details, income-tax returns, audited financial statements and bank records showing the identity, creditworthiness and genuineness of unsecured loan transactions; once that evidence is unrebutted, additions for the loans, alleged commission and related interest cannot survive. A credit note supported by ledger entries and other documents, and shown to arise from a normal business adjustment, is not unexplained expenditure under section 69C and may also qualify as business expenditure under section 37(1). The additions were therefore deleted. Case-Laws Income Tax Wed, 08 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=791787