https://www.taxtmi.com/caselaws?id=293137 The Assessee successfully appealed against the addition of a loan received under Section 143(3) of the Income-tax Act, 1961. The Tribunal ruled in favor of the Assessee, stating that the Assessee had adequately proven the identity, genuineness, and creditworthiness of the loan transaction. The Tribunal emphasized the importance of proper inquiry by the Assessing Officer before making additions under Section 68 and highlighted that the burden of proof shifts to the Assessee once the legitimacy of the transaction is demonstrated. The appeal was allowed, emphasizing the significance of establishing the credibility of loan transactions under the Income-tax Act. en-us Wed, 28 Sep 2011 00:00:00 +0530 Mon, 25 Jan 2021 15:04:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293137 The Assessee successfully appealed against the addition of a loan received under Section 143(3) of the Income-tax Act, 1961. The Tribunal ruled in favor of the Assessee, stating that the Assessee had adequately proven the identity, genuineness, and creditworthiness of the loan transaction. The Tribunal emphasized the importance of proper inquiry by the Assessing Officer before making additions under Section 68 and highlighted that the burden of proof shifts to the Assessee once the legitimacy of the transaction is demonstrated. The appeal was allowed, emphasizing the significance of establishing the credibility of loan transactions under the Income-tax Act. Case-Laws Income Tax Wed, 28 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293137