https://www.taxtmi.com/caselaws?id=343532 Where an assessee substantiates loans with account payee cheques and documentary evidence showing the creditors' identity, genuineness of the transactions and creditworthiness, the initial burden under section 68 stands discharged. In this ITAT matter, the addition was based mainly on Investigation Wing information and a third-party statement, without independent enquiry or any specific defect in the assessee's evidence. As the Revenue failed to rebut the material with cogent evidence, the addition under section 68 and the consequential interest disallowance were deleted and the Revenue's appeal failed. en-us Tue, 23 May 2017 00:00:00 +0530 Sat, 27 May 2017 07:04:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343532 Where an assessee substantiates loans with account payee cheques and documentary evidence showing the creditors' identity, genuineness of the transactions and creditworthiness, the initial burden under section 68 stands discharged. In this ITAT matter, the addition was based mainly on Investigation Wing information and a third-party statement, without independent enquiry or any specific defect in the assessee's evidence. As the Revenue failed to rebut the material with cogent evidence, the addition under section 68 and the consequential interest disallowance were deleted and the Revenue's appeal failed. Case-Laws Income Tax Tue, 23 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343532