TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Highlights
of of All Highlights
Note
Bookmark
Share
Don't have an account? Register Here
of ITAT allowed the appeal and deleted additions made u/s 68 treating unsecured loans as unexplained cash credits. The Tribunal held that the assessee discharged the evidentiary onus by furnishing identity and creditworthiness documents (PAN/Aadhaar, loan confirmations, bank statements, ITRs and land records) and evidence of repayments, and that the AO proceeded with a pre-determined mind without invoking statutory powers of enquiry u/s 131 or s.133(6). Having failed to make independent enquiries or assess the alleged creditors, the AO could not sustain the additions; the burden shifted to the Revenue and no further proof justified invoking s.68, hence the addition was deleted.
TaxTMI 
TaxTMI 
