https://www.taxtmi.com/caselaws?id=23096 HC held the Tribunal's finding that the assessee discharged the initial onus and that the loans were genuine was vitiated by reliance on partly irrelevant, inadmissible and inconsistent material. The court found hundis, cheques and confirmatory letters to be collusive, fictitious and insufficient to prove lender credit-worthiness; the ITO's reliance on creditors' confessions and other crucial facts was ignored by the Tribunal. The HC answered the reference in the affirmative and in favour of the Revenue, displacing the Tribunal's conclusion that the loans were genuine. en-us Wed, 10 May 1989 00:00:00 +0530 Mon, 27 Oct 2025 23:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23096 HC held the Tribunal's finding that the assessee discharged the initial onus and that the loans were genuine was vitiated by reliance on partly irrelevant, inadmissible and inconsistent material. The court found hundis, cheques and confirmatory letters to be collusive, fictitious and insufficient to prove lender credit-worthiness; the ITO's reliance on creditors' confessions and other crucial facts was ignored by the Tribunal. The HC answered the reference in the affirmative and in favour of the Revenue, displacing the Tribunal's conclusion that the loans were genuine. Case-Laws Income Tax Wed, 10 May 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23096