https://www.taxtmi.com/caselaws?id=394358 The Tribunal upheld the CIT (A)'s decision to delete the addition of Rs. 5,00,00,000/- on account of unsecured loans. The Tribunal found that the assessee had provided satisfactory evidence to establish the genuineness and creditworthiness of the lenders, including PAN, bank statements, and financial statements. The AO's reliance on third-party statements without conducting an independent inquiry was deemed unjustified. Additionally, the Tribunal noted that the burden of proof shifted to the revenue once the assessee had discharged its initial onus, ultimately dismissing the revenue's appeal. en-us Fri, 21 Feb 2020 00:00:00 +0530 Thu, 09 Apr 2020 18:49:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394358 The Tribunal upheld the CIT (A)'s decision to delete the addition of Rs. 5,00,00,000/- on account of unsecured loans. The Tribunal found that the assessee had provided satisfactory evidence to establish the genuineness and creditworthiness of the lenders, including PAN, bank statements, and financial statements. The AO's reliance on third-party statements without conducting an independent inquiry was deemed unjustified. Additionally, the Tribunal noted that the burden of proof shifted to the revenue once the assessee had discharged its initial onus, ultimately dismissing the revenue's appeal. Case-Laws Income Tax Fri, 21 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394358