https://www.taxtmi.com/caselaws?id=393273 Where an assessee substantiates unsecured loans with loan confirmations, bank statements, income-tax particulars and audited accounts of the creditors, the addition under section 68 is not sustainable because identity, creditworthiness and genuineness stand proved and the burden shifts to the Revenue. On that footing, interest paid on the same loans, having been routed through banking channels with tax deducted at source, was also not disallowable. Employees' contribution to PF and ESI remitted before the due date for filing the return could not be disallowed. Interest on delayed deposit of TDS was treated as compensatory and allowable as a business deduction. en-us Wed, 15 Jan 2020 00:00:00 +0530 Wed, 11 Mar 2020 09:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393273 Where an assessee substantiates unsecured loans with loan confirmations, bank statements, income-tax particulars and audited accounts of the creditors, the addition under section 68 is not sustainable because identity, creditworthiness and genuineness stand proved and the burden shifts to the Revenue. On that footing, interest paid on the same loans, having been routed through banking channels with tax deducted at source, was also not disallowable. Employees' contribution to PF and ESI remitted before the due date for filing the return could not be disallowed. Interest on delayed deposit of TDS was treated as compensatory and allowable as a business deduction. Case-Laws Income Tax Wed, 15 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393273