https://www.taxtmi.com/caselaws?id=390275 Once an assessee produces confirmations, PAN details, income-tax returns, audited accounts and bank statements showing the identity, creditworthiness and genuineness of creditors, the burden shifts to the Revenue, and section 68 additions for unsecured loans, inter-corporate deposits, advances and trade payables cannot stand on mere non-appearance of creditors or conjecture. In the absence of material showing cash deposits or falsity in the lenders' accounts, the credits were treated as explained and the additions were deleted. Where no exempt income was earned in the relevant years, section 14A read with Rule 8D could not be applied, and the disallowance was also deleted. en-us Fri, 06 Dec 2019 00:00:00 +0530 Wed, 22 Jan 2020 10:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390275 Once an assessee produces confirmations, PAN details, income-tax returns, audited accounts and bank statements showing the identity, creditworthiness and genuineness of creditors, the burden shifts to the Revenue, and section 68 additions for unsecured loans, inter-corporate deposits, advances and trade payables cannot stand on mere non-appearance of creditors or conjecture. In the absence of material showing cash deposits or falsity in the lenders' accounts, the credits were treated as explained and the additions were deleted. Where no exempt income was earned in the relevant years, section 14A read with Rule 8D could not be applied, and the disallowance was also deleted. Case-Laws Income Tax Fri, 06 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390275