https://www.taxtmi.com/caselaws?id=71025 The appeal was allowed, and the additions under Section 68 and the disallowance of interest were both deleted. The Judicial Member of the Appellate Tribunal held that the loans were genuine, given they were supported by account payee cheques, establishing the identity of the parties. The Tribunal found that the Assessing Officer's disbelief in the lenders' creditworthiness was insufficient to treat the loans as income under Section 68 of the Income Tax Act. The Third Member emphasized the importance of natural justice and the shift of burden of proof from the assessee to the department, which the department failed to discharge. en-us Thu, 29 May 1997 00:00:00 +0530 Wed, 20 Apr 2011 18:47:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71025 The appeal was allowed, and the additions under Section 68 and the disallowance of interest were both deleted. The Judicial Member of the Appellate Tribunal held that the loans were genuine, given they were supported by account payee cheques, establishing the identity of the parties. The Tribunal found that the Assessing Officer's disbelief in the lenders' creditworthiness was insufficient to treat the loans as income under Section 68 of the Income Tax Act. The Third Member emphasized the importance of natural justice and the shift of burden of proof from the assessee to the department, which the department failed to discharge. Case-Laws Income Tax Thu, 29 May 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71025