https://www.taxtmi.com/caselaws?id=471429 Unsecured loan credits under Section 68 require the assessee to establish the creditor's identity, creditworthiness and the genuineness of the transaction on a prima facie basis, after which the burden shifts to the Revenue to disprove it. Loan approval and agreement records, RTGS receipt and repayment entries supported the transaction. Reliance on a lender representative's statement without allowing cross-examination, particularly where it was recorded at the assessee's premises, could not sustain an adverse inference. The loan credit was therefore not treated as unexplained and the addition was deleted. en-us Mon, 07 Apr 2025 00:00:00 +0530 Wed, 02 Sep 2026 13:54:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471429 Unsecured loan credits under Section 68 require the assessee to establish the creditor's identity, creditworthiness and the genuineness of the transaction on a prima facie basis, after which the burden shifts to the Revenue to disprove it. Loan approval and agreement records, RTGS receipt and repayment entries supported the transaction. Reliance on a lender representative's statement without allowing cross-examination, particularly where it was recorded at the assessee's premises, could not sustain an adverse inference. The loan credit was therefore not treated as unexplained and the addition was deleted. Case-Laws Income Tax Mon, 07 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471429