https://www.taxtmi.com/caselaws?id=801757 Section 68 applies to credits recorded during the relevant year and generally does not cover opening balances carried forward from prior years. Creditor identity, confirmations, tax records, banking-channel receipts and undisputed repayments are relevant to genuineness, while lenders' creditworthiness may require enquiry under Section 133(6). Capital credits transferred from a deceased parent's bank account require verification of the parent's financial records and availability of funds. Under Section 145(3), a fall in gross-profit rate alone does not justify rejecting books or adopting an earlier rate; estimation requires objective, cogent grounds, considering turnover and actual gross and net profits. en-us Fri, 03 Jul 2026 00:00:00 +0530 Tue, 27 Oct 2026 08:33:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=801757 Section 68 applies to credits recorded during the relevant year and generally does not cover opening balances carried forward from prior years. Creditor identity, confirmations, tax records, banking-channel receipts and undisputed repayments are relevant to genuineness, while lenders' creditworthiness may require enquiry under Section 133(6). Capital credits transferred from a deceased parent's bank account require verification of the parent's financial records and availability of funds. Under Section 145(3), a fall in gross-profit rate alone does not justify rejecting books or adopting an earlier rate; estimation requires objective, cogent grounds, considering turnover and actual gross and net profits. Case-Laws Income Tax Fri, 03 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=801757