2008 (6) TMI 589

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..... for the respondent. The only question raised for decision is whether the Tribunal was justified in sustaining addition of cash credits under section 68 of the Income-tax Act. The loan creditors shown in the accounts are admittedly close relatives of the assessee. The case of the assessee before the Tribunal as well as before this Court in this appeal is that some of the loan creditors have confirm .....

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..... hose name credits were shown in the account. Want of source of fund affects the genuineness of the transaction and unless source is proved, the loan creditors cannot be said to have discharged the duty of proving that the loans shown in the accounts were genuinely advanced by them to the assessee. The Tribunal also noticed that no proof was produced regarding repayment of loan credits. Section 269 .....

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