https://www.taxtmi.com/caselaws?id=796824 Section 68 requires an assessee to establish the creditor's identity, creditworthiness and the genuineness of each credit. Confirmations, permanent account details, bank statements, income-tax records and books of account may discharge this initial burden; a creditor's non-appearance under summons does not by itself negate otherwise reliable documentary evidence. Repayment of an earlier unsecured loan should not be assessed again as an unexplained credit. Once the initial burden is met, the Revenue must produce cogent material to disprove the explanation, as suspicion and omission of share application money from the balance sheet are insufficient. The real income doctrine and approbate and reprobate do not apply without unexplained credits or an inconsistent position. en-us Wed, 22 Jul 2026 00:00:00 +0530 Tue, 11 Aug 2026 08:47:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=796824 Section 68 requires an assessee to establish the creditor's identity, creditworthiness and the genuineness of each credit. Confirmations, permanent account details, bank statements, income-tax records and books of account may discharge this initial burden; a creditor's non-appearance under summons does not by itself negate otherwise reliable documentary evidence. Repayment of an earlier unsecured loan should not be assessed again as an unexplained credit. Once the initial burden is met, the Revenue must produce cogent material to disprove the explanation, as suspicion and omission of share application money from the balance sheet are insufficient. The real income doctrine and approbate and reprobate do not apply without unexplained credits or an inconsistent position. Case-Laws Income Tax Wed, 22 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796824