https://www.taxtmi.com/caselaws?id=62221 The Appellate Tribunal ITAT Cochin ruled in favor of the assessee in a case concerning the genuineness of a loan credit and creditworthiness of the creditor. The Tribunal found that the burden of proof had been discharged by the assessee, leading to the deletion of the addition of Rs. 2,25,000 as income and allowing the deduction of Rs. 24,750 as interest on the loan amount. The appeal was allowed in favor of the assessee, overturning the initial decision that treated the loan credit as undisclosed income. en-us Wed, 30 Dec 1992 00:00:00 +0530 Tue, 18 Jan 2011 16:12:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62221 The Appellate Tribunal ITAT Cochin ruled in favor of the assessee in a case concerning the genuineness of a loan credit and creditworthiness of the creditor. The Tribunal found that the burden of proof had been discharged by the assessee, leading to the deletion of the addition of Rs. 2,25,000 as income and allowing the deduction of Rs. 24,750 as interest on the loan amount. The appeal was allowed in favor of the assessee, overturning the initial decision that treated the loan credit as undisclosed income. Case-Laws Income Tax Wed, 30 Dec 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62221