https://www.taxtmi.com/caselaws?id=343792 An addition under section 68 could not be sustained where the assessee produced loan confirmation, audited accounts and banking records, and the lender confirmed the unsecured loan. A third-party statement alleging accommodation entries was retracted by affidavit and was not reliable enough to form the sole basis for the addition. The assessee had established the lender's identity and the banking channel of the transaction, and was not required to prove the source of source. Any alleged defect in the lender's share-capital or share-premium affairs had to be examined in the lender's hands, not in the hands of the borrower. The addition was deleted. en-us Thu, 13 Apr 2017 00:00:00 +0530 Fri, 02 Jun 2017 06:14:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343792 An addition under section 68 could not be sustained where the assessee produced loan confirmation, audited accounts and banking records, and the lender confirmed the unsecured loan. A third-party statement alleging accommodation entries was retracted by affidavit and was not reliable enough to form the sole basis for the addition. The assessee had established the lender's identity and the banking channel of the transaction, and was not required to prove the source of source. Any alleged defect in the lender's share-capital or share-premium affairs had to be examined in the lender's hands, not in the hands of the borrower. The addition was deleted. Case-Laws Income Tax Thu, 13 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343792