https://www.taxtmi.com/caselaws?id=802536 Unsecured loans may be treated as unexplained cash credits where the borrower fails to establish the lender's identity, creditworthiness and the genuineness of the transaction. Formal corporate records, repayment and banking channels alone do not establish genuineness where surrounding evidence indicates accommodation entries. Interest deduction requires capital genuinely borrowed for business purposes; banking payments and tax deduction at source are not independently conclusive. Reassessment requires relevant material linking the taxpayer to alleged escaped income and the assessing officer's independent satisfaction. Approval may record satisfaction briefly, and a deficiency in reasons or approval must cause actual prejudice. en-us Mon, 12 Oct 2026 00:00:00 +0530 Sat, 07 Nov 2026 08:22:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=802536 Unsecured loans may be treated as unexplained cash credits where the borrower fails to establish the lender's identity, creditworthiness and the genuineness of the transaction. Formal corporate records, repayment and banking channels alone do not establish genuineness where surrounding evidence indicates accommodation entries. Interest deduction requires capital genuinely borrowed for business purposes; banking payments and tax deduction at source are not independently conclusive. Reassessment requires relevant material linking the taxpayer to alleged escaped income and the assessing officer's independent satisfaction. Approval may record satisfaction briefly, and a deficiency in reasons or approval must cause actual prejudice. Case-Laws Income Tax Mon, 12 Oct 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=802536