https://www.taxtmi.com/caselaws?id=798895 Section 68 requires the assessee to establish the creditor's identity, creditworthiness and the genuineness of each credit for the relevant assessment year. Section 56(2)(viib) and the later source-of-source proviso to section 68 do not apply retrospectively. Bank entries, corporate records and audited accounts may support identity and fund movement, but neither those records nor factors such as low taxable income, high share premium or unusual banking patterns conclusively establish genuineness. Where receipts comprise distinct transactions, they require transaction-wise examination. Verification of financial capacity, antecedent credits, commercial rationale, valuation and underlying investments, with disclosure of adverse material and rebuttal opportunity, is required before determining the addition. en-us Wed, 02 Sep 2026 00:00:00 +0530 Mon, 14 Sep 2026 08:32:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=798895 Section 68 requires the assessee to establish the creditor's identity, creditworthiness and the genuineness of each credit for the relevant assessment year. Section 56(2)(viib) and the later source-of-source proviso to section 68 do not apply retrospectively. Bank entries, corporate records and audited accounts may support identity and fund movement, but neither those records nor factors such as low taxable income, high share premium or unusual banking patterns conclusively establish genuineness. Where receipts comprise distinct transactions, they require transaction-wise examination. Verification of financial capacity, antecedent credits, commercial rationale, valuation and underlying investments, with disclosure of adverse material and rebuttal opportunity, is required before determining the addition. Case-Laws Income Tax Wed, 02 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=798895