https://www.taxtmi.com/caselaws?id=384515 An addition for an unsecured loan was unsustainable where the assessee produced the creditor's identity, financial capacity, loan confirmation, bank records and other supporting documents, and the transaction moved through banking channels. On those facts, the requirements of identity, genuineness and creditworthiness were met, so the burden shifted to the Revenue; mere non-appearance of the lender's representative did not justify the addition. The related interest disallowance was also unsustainable because it arose from the same accepted borrowing and the lender had accounted for the interest income. The cash credit addition and corresponding interest disallowance were therefore deleted. en-us Fri, 09 Aug 2019 00:00:00 +0530 Fri, 16 Aug 2019 07:50:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384515 An addition for an unsecured loan was unsustainable where the assessee produced the creditor's identity, financial capacity, loan confirmation, bank records and other supporting documents, and the transaction moved through banking channels. On those facts, the requirements of identity, genuineness and creditworthiness were met, so the burden shifted to the Revenue; mere non-appearance of the lender's representative did not justify the addition. The related interest disallowance was also unsustainable because it arose from the same accepted borrowing and the lender had accounted for the interest income. The cash credit addition and corresponding interest disallowance were therefore deleted. Case-Laws Income Tax Fri, 09 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384515