https://www.taxtmi.com/caselaws?id=398929 An addition under section 68 could not be sustained where the assessee proved the lender's identity, creditworthiness and the genuineness of the loan through loan agreement, bank records, confirmation, audited accounts, RBI registration and repayment material. The loan was routed by account payee cheque against property security, and the lender's funds were shown to be traceable to its own banking transactions. Reliance on an alleged third-party statement was insufficient because no copy was supplied and no cross-examination was allowed. The evidentiary burden therefore shifted to the Revenue, which failed to rebut the assessee's material, and the addition was deleted. en-us Wed, 23 Sep 2020 00:00:00 +0530 Mon, 28 Sep 2020 08:44:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398929 An addition under section 68 could not be sustained where the assessee proved the lender's identity, creditworthiness and the genuineness of the loan through loan agreement, bank records, confirmation, audited accounts, RBI registration and repayment material. The loan was routed by account payee cheque against property security, and the lender's funds were shown to be traceable to its own banking transactions. Reliance on an alleged third-party statement was insufficient because no copy was supplied and no cross-examination was allowed. The evidentiary burden therefore shifted to the Revenue, which failed to rebut the assessee's material, and the addition was deleted. Case-Laws Income Tax Wed, 23 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398929