https://www.taxtmi.com/caselaws?id=405389 An addition under section 68 for unsecured loans cannot be sustained where the assessee and lenders produce identity, creditworthiness and genuineness evidence, including confirmations, bank records, PAN details, audited accounts and replies to notices under section 133(6). The text states that routing of funds through banking channels, regular interest payments and TDS deduction supported the assessee's explanation. Third-party statements and an investigation report, when not fully supplied or tested by cross-examination, cannot override contemporaneous documentary evidence. On that reasoning, the section 68 addition and the related interest disallowance were deleted. en-us Mon, 15 Mar 2021 00:00:00 +0530 Thu, 03 Mar 2022 16:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405389 An addition under section 68 for unsecured loans cannot be sustained where the assessee and lenders produce identity, creditworthiness and genuineness evidence, including confirmations, bank records, PAN details, audited accounts and replies to notices under section 133(6). The text states that routing of funds through banking channels, regular interest payments and TDS deduction supported the assessee's explanation. Third-party statements and an investigation report, when not fully supplied or tested by cross-examination, cannot override contemporaneous documentary evidence. On that reasoning, the section 68 addition and the related interest disallowance were deleted. Case-Laws Income Tax Mon, 15 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405389