https://www.taxtmi.com/caselaws?id=186265 Addition under section 68 was unsustainable where the assessee disclosed the lenders' identity, cheque-based receipt of advances, affidavits, and recovery material, and the Revenue brought no adverse evidence to show that the credits were undisclosed income. The absence of confirmations or loan agreements, by itself, did not discharge the Revenue's burden once the primary facts were furnished. The Tribunal noted that reassessment could still examine the issue under Explanation 3 to section 147, but any addition under section 68 continued to require positive material linking the credits to unexplained income. The deletion of the addition was therefore upheld. en-us Fri, 11 May 2012 00:00:00 +0530 Tue, 13 Sep 2016 11:54:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186265 Addition under section 68 was unsustainable where the assessee disclosed the lenders' identity, cheque-based receipt of advances, affidavits, and recovery material, and the Revenue brought no adverse evidence to show that the credits were undisclosed income. The absence of confirmations or loan agreements, by itself, did not discharge the Revenue's burden once the primary facts were furnished. The Tribunal noted that reassessment could still examine the issue under Explanation 3 to section 147, but any addition under section 68 continued to require positive material linking the credits to unexplained income. The deletion of the addition was therefore upheld. Case-Laws Income Tax Fri, 11 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186265