https://www.taxtmi.com/caselaws?id=339572 The Tribunal ruled in favor of the assessee, deleting the disputed additions of &8377;200,000 and &8377;300,000 made by the AO under section 68. The Tribunal found that the loans from Mr. Sachin Aggarwal and Mrs. Lata Aggarwal were genuine as they were declared in the lenders' financial records and assessed to tax, aligning with the precedent in Nemi Chand Kothari case. The Tribunal held that the assessee was not required to prove the source of funds as long as the lenders accounted for the amounts, ultimately allowing the appeal on 10/02/2017. en-us Fri, 10 Feb 2017 00:00:00 +0530 Thu, 02 Mar 2017 07:57:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339572 The Tribunal ruled in favor of the assessee, deleting the disputed additions of &8377;200,000 and &8377;300,000 made by the AO under section 68. The Tribunal found that the loans from Mr. Sachin Aggarwal and Mrs. Lata Aggarwal were genuine as they were declared in the lenders' financial records and assessed to tax, aligning with the precedent in Nemi Chand Kothari case. The Tribunal held that the assessee was not required to prove the source of funds as long as the lenders accounted for the amounts, ultimately allowing the appeal on 10/02/2017. Case-Laws Income Tax Fri, 10 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339572