https://www.taxtmi.com/caselaws?id=471233 Repayments of advances previously made through banking channels do not constitute unexplained cash credits where bank records establish the original advances and their repayment by account-payee cheques. Counterparties' bank statements, income-tax returns and balance sheets may substantiate transaction genuineness and creditworthiness. Where the source of the original advances was not disputed in the earlier assessment year, the returned amounts are repayments of existing advances rather than fresh loans and cannot be assessed under Section 68 of the Income-tax Act, 1961. en-us Fri, 24 Apr 2026 00:00:00 +0530 Tue, 25 Aug 2026 18:57:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471233 Repayments of advances previously made through banking channels do not constitute unexplained cash credits where bank records establish the original advances and their repayment by account-payee cheques. Counterparties' bank statements, income-tax returns and balance sheets may substantiate transaction genuineness and creditworthiness. Where the source of the original advances was not disputed in the earlier assessment year, the returned amounts are repayments of existing advances rather than fresh loans and cannot be assessed under Section 68 of the Income-tax Act, 1961. Case-Laws Income Tax Fri, 24 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471233