https://www.taxtmi.com/caselaws?id=472057 Section 68 requires a taxpayer to establish the creditor's identity and creditworthiness and the genuineness of a credit transaction. Where identity is undisputed and bank records, capital-account entries and banking-channel transfers substantiate loans, the credits may not be treated as unexplained. Credits received in earlier years cannot be assessed as unexplained cash credits in a later relevant year. Salary expenditure for necessary part-time assistance may qualify as business expenditure where the payments are modest and genuine; absence of employee confirmation alone does not justify disallowance without material disputing business need or genuineness. en-us Wed, 16 Apr 2025 00:00:00 +0530 Mon, 28 Sep 2026 20:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472057 Section 68 requires a taxpayer to establish the creditor's identity and creditworthiness and the genuineness of a credit transaction. Where identity is undisputed and bank records, capital-account entries and banking-channel transfers substantiate loans, the credits may not be treated as unexplained. Credits received in earlier years cannot be assessed as unexplained cash credits in a later relevant year. Salary expenditure for necessary part-time assistance may qualify as business expenditure where the payments are modest and genuine; absence of employee confirmation alone does not justify disallowance without material disputing business need or genuineness. Case-Laws Income Tax Wed, 16 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472057