https://www.taxtmi.com/caselaws?id=470131 Unexplained unsecured loans may be assessed as cash credits where the assessee provides no evidence of their source. Business profit reflected in financial statements recovered during survey remains taxable when the assessee produces no material to rebut those records. An addition for unexplained sources of loans advanced through proprietary concerns may be sustained where the assessee fails to explain the funding source, notwithstanding the absence of independent material supporting an ad hoc estimate. Failure to substantiate credits or disprove recovered financial records leaves the related additions chargeable to tax. en-us Mon, 17 Mar 2025 00:00:00 +0530 Thu, 16 Jul 2026 19:02:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470131 Unexplained unsecured loans may be assessed as cash credits where the assessee provides no evidence of their source. Business profit reflected in financial statements recovered during survey remains taxable when the assessee produces no material to rebut those records. An addition for unexplained sources of loans advanced through proprietary concerns may be sustained where the assessee fails to explain the funding source, notwithstanding the absence of independent material supporting an ad hoc estimate. Failure to substantiate credits or disprove recovered financial records leaves the related additions chargeable to tax. Case-Laws Income Tax Mon, 17 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470131