https://www.taxtmi.com/caselaws?id=366012 The Tribunal ruled in favor of the assessee, overturning the disallowance of the loan amount and interest claimed. It held that the assessee adequately proved the loan's genuineness and the creditor's identity, satisfying the initial burden of proof. The lack of response from the loan creditor to the notice did not justify adverse inference, as the notice confirmed the creditor's existence. The Tribunal emphasized that mere non-response cannot lead to adverse conclusions. With supporting documentary evidence and no rebuttal from the revenue, the Tribunal concluded the additions were unjustified, allowing the assessee's appeal and dismissing the stay petition. en-us Mon, 06 Aug 2018 00:00:00 +0530 Tue, 28 Aug 2018 17:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366012 The Tribunal ruled in favor of the assessee, overturning the disallowance of the loan amount and interest claimed. It held that the assessee adequately proved the loan's genuineness and the creditor's identity, satisfying the initial burden of proof. The lack of response from the loan creditor to the notice did not justify adverse inference, as the notice confirmed the creditor's existence. The Tribunal emphasized that mere non-response cannot lead to adverse conclusions. With supporting documentary evidence and no rebuttal from the revenue, the Tribunal concluded the additions were unjustified, allowing the assessee's appeal and dismissing the stay petition. Case-Laws Income Tax Mon, 06 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366012