https://www.taxtmi.com/caselaws?id=798094 Section 68 requires an assessee to establish the creditor's identity and creditworthiness and the genuineness of the transaction. Debits to a partner's capital account were supported by the partnership firm's confirmation, audited financial statements, bank records and evidence that they represented capital withdrawals and expenditure met from the firm's available funds, with no evidence of fund recycling. An individual lender's confirmation, income-tax return, capital position, loan confirmation and bank statements established sufficient funds and liquidity. The evidentiary burden was therefore discharged, rendering the partnership-firm addition unsustainable and supporting deletion of the addition concerning the individual lender. en-us Thu, 20 Aug 2026 00:00:00 +0530 Wed, 02 Sep 2026 08:30:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=798094 Section 68 requires an assessee to establish the creditor's identity and creditworthiness and the genuineness of the transaction. Debits to a partner's capital account were supported by the partnership firm's confirmation, audited financial statements, bank records and evidence that they represented capital withdrawals and expenditure met from the firm's available funds, with no evidence of fund recycling. An individual lender's confirmation, income-tax return, capital position, loan confirmation and bank statements established sufficient funds and liquidity. The evidentiary burden was therefore discharged, rendering the partnership-firm addition unsustainable and supporting deletion of the addition concerning the individual lender. Case-Laws Income Tax Thu, 20 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=798094