https://www.taxtmi.com/caselaws?id=470066 Section 68 treatment of unsecured loans turns on whether the assessee establishes the lenders' identity, creditworthiness and genuineness of the transactions through credible records. Confirmations, tax returns, audited financial statements, bank statements, ledger extracts, repayment details and responses to statutory notices are identified as relevant evidence. Once this evidentiary burden is discharged, the Revenue must identify defects, a cash trail, contra-transactions or other substantive material connecting the assessee's funds to the loans. General allegations that the loans represent accommodation entries are insufficient without supporting evidence. For the relevant assessment year, the notes state that 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 treatment of unsecured loans turns on whether the assessee establishes the lenders' identity, creditworthiness and genuineness of the transactions through credible records. Confirmations, tax returns, audited financial statements, bank statements, ledger extracts, repayment details and responses to statutory notices are identified as relevant evidence. Once this evidentiary burden is discharged, the Revenue must identify defects, a cash trail, contra-transactions or other substantive material connecting the assessee's funds to the loans. General allegations that the loans represent accommodation entries are insufficient without supporting evidence. For the relevant assessment year, the notes state that 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