https://www.taxtmi.com/caselaws?id=470066 Section 68 addition for unsecured loans cannot be sustained where the taxpayer establishes lender identity, creditworthiness and transaction genuineness through confirmations, tax returns, audited financial statements, bank records, ledger extracts and repayment details. Responses from lenders to statutory notices further support the evidence. The burden then shifts to the Revenue, which must identify evidentiary defects or produce material such as a cash trail or contra-transactions linking the taxpayer's funds to the loans. A general allegation that loans are accommodation entries is insufficient. For the relevant assessment year, proving the source of the source was not required for unsecured loans. en-us Thu, 13 Mar 2025 00:00:00 +0530 Tue, 14 Jul 2026 19:02:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470066 Section 68 addition for unsecured loans cannot be sustained where the taxpayer establishes lender identity, creditworthiness and transaction genuineness through confirmations, tax returns, audited financial statements, bank records, ledger extracts and repayment details. Responses from lenders to statutory notices further support the evidence. The burden then shifts to the Revenue, which must identify evidentiary defects or produce material such as a cash trail or contra-transactions linking the taxpayer's funds to the loans. A general allegation that loans are accommodation entries is insufficient. For the relevant assessment year, proving the source of the source was not required for unsecured loans. Case-Laws Income Tax Thu, 13 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470066