https://www.taxtmi.com/caselaws?id=472437 Section 68 requires an assessee to establish creditor identity and creditworthiness and transaction genuineness before unsecured loans or creditor balances may be treated as unexplained income. Confirmations, bank statements, income-tax returns, accounts and assessment records can substantiate unsecured loans. For trade creditor balances, ledger extracts, confirmation, audited accounts and banking records may establish advances received against land sales, absent contrary material linking the balances to unaccounted income. en-us Tue, 22 Apr 2025 00:00:00 +0530 Tue, 13 Oct 2026 04:47:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472437 Section 68 requires an assessee to establish creditor identity and creditworthiness and transaction genuineness before unsecured loans or creditor balances may be treated as unexplained income. Confirmations, bank statements, income-tax returns, accounts and assessment records can substantiate unsecured loans. For trade creditor balances, ledger extracts, confirmation, audited accounts and banking records may establish advances received against land sales, absent contrary material linking the balances to unaccounted income. Case-Laws Income Tax Tue, 22 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472437