https://www.taxtmi.com/caselaws?id=403084 A survey statement, without corroboration, could not by itself sustain an addition under section 68 where the assessee produced lender confirmations, returns and banking evidence; the assessee was held to have discharged the initial burden on identity, genuineness and creditworthiness, so the unsecured-loan addition and related interest disallowance were not sustainable. For booking receipts in a real-estate project, where the books were not rejected under section 145(3) and the percentage completion method was accepted, only the profit element embedded in suppressed receipts could be taxed, not the gross difference in receipts. The restricted profit-based addition was therefore upheld, and the assessment additions were not restored. en-us Wed, 06 Jan 2021 00:00:00 +0530 Mon, 03 May 2021 10:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403084 A survey statement, without corroboration, could not by itself sustain an addition under section 68 where the assessee produced lender confirmations, returns and banking evidence; the assessee was held to have discharged the initial burden on identity, genuineness and creditworthiness, so the unsecured-loan addition and related interest disallowance were not sustainable. For booking receipts in a real-estate project, where the books were not rejected under section 145(3) and the percentage completion method was accepted, only the profit element embedded in suppressed receipts could be taxed, not the gross difference in receipts. The restricted profit-based addition was therefore upheld, and the assessment additions were not restored. Case-Laws Income Tax Wed, 06 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403084