https://www.taxtmi.com/caselaws?id=362231 On addition under s. 68, the HC held that the assessee discharged the onus of proving identity, genuineness, and creditworthiness by producing assessment records and financial statements of the lender showing sufficient reserves/surplus/share premium, and by showing repayment in the succeeding year; as the Revenue failed to rebut the appellate finding of regular loan transactions, the s. 68 addition was deleted and the issue was decided for the assessee. On depreciation claim relating to crimping/texturizing/twisting of yarn, the HC held that the process results in a distinct commodity and constitutes "manufacture"; depreciation was therefore allowable and the issue was decided for the assessee. en-us Wed, 13 Jun 2018 00:00:00 +0530 Wed, 31 Dec 2025 17:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362231 On addition under s. 68, the HC held that the assessee discharged the onus of proving identity, genuineness, and creditworthiness by producing assessment records and financial statements of the lender showing sufficient reserves/surplus/share premium, and by showing repayment in the succeeding year; as the Revenue failed to rebut the appellate finding of regular loan transactions, the s. 68 addition was deleted and the issue was decided for the assessee. On depreciation claim relating to crimping/texturizing/twisting of yarn, the HC held that the process results in a distinct commodity and constitutes "manufacture"; depreciation was therefore allowable and the issue was decided for the assessee. Case-Laws Income Tax Wed, 13 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362231