https://www.taxtmi.com/caselaws?id=398113 The Tribunal ruled in favor of the assessee, deleting the additions under section 68 of the Act for the disputed loan from M/s Pabla Leasing and Finance Pvt. Ltd. The Tribunal considered evidence including the repayment of the loan before the search date and the Managing Director's statement confirming the legitimacy of the transactions. The Tribunal emphasized the importance of proving identity, genuineness, and creditworthiness, as seen in a similar case involving the creditor. Ultimately, the Tribunal found that the assessee successfully demonstrated the legitimacy of the transactions, resulting in the favorable outcome for the assessee. en-us Fri, 04 Sep 2020 00:00:00 +0530 Wed, 28 Jul 2021 18:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398113 The Tribunal ruled in favor of the assessee, deleting the additions under section 68 of the Act for the disputed loan from M/s Pabla Leasing and Finance Pvt. Ltd. The Tribunal considered evidence including the repayment of the loan before the search date and the Managing Director's statement confirming the legitimacy of the transactions. The Tribunal emphasized the importance of proving identity, genuineness, and creditworthiness, as seen in a similar case involving the creditor. Ultimately, the Tribunal found that the assessee successfully demonstrated the legitimacy of the transactions, resulting in the favorable outcome for the assessee. Case-Laws Income Tax Fri, 04 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398113