https://www.taxtmi.com/caselaws?id=279213 The Tribunal found that the assessee successfully discharged the burden of proof under section 68 by providing necessary documents proving the authenticity of the loan transaction. The Tribunal ruled in favor of the assessee, directing the deletion of the addition of the loan amount and the disallowance of interest. The Tribunal deemed the Assessing Officer's reliance on a retracted statement as unjustified and considered the documents submitted by the assessee as reliable. The validity of the assessment reopening was not addressed due to the favorable outcome for the assessee. en-us Fri, 20 Apr 2018 00:00:00 +0530 Fri, 08 Mar 2019 06:55:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279213 The Tribunal found that the assessee successfully discharged the burden of proof under section 68 by providing necessary documents proving the authenticity of the loan transaction. The Tribunal ruled in favor of the assessee, directing the deletion of the addition of the loan amount and the disallowance of interest. The Tribunal deemed the Assessing Officer's reliance on a retracted statement as unjustified and considered the documents submitted by the assessee as reliable. The validity of the assessment reopening was not addressed due to the favorable outcome for the assessee. Case-Laws Income Tax Fri, 20 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279213