https://www.taxtmi.com/caselaws?id=408993 The Tribunal found in favor of the assessee, ruling that the addition made under Section 68 of the Income Tax Act was unjustified. The assessee successfully proved the identity, genuineness, and creditworthiness of the loan transactions through documentary evidence, including bank statements and repayment details. The Tribunal emphasized the assessee's compliance with providing necessary details and shifted the burden of proof to the Assessing Officer, who failed to disprove the legitimacy of the transactions. Consequently, the Tribunal directed the AO to delete the contested addition, allowing the assessee's appeal. en-us Tue, 15 Jun 2021 00:00:00 +0530 Sat, 26 Jun 2021 07:51:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408993 The Tribunal found in favor of the assessee, ruling that the addition made under Section 68 of the Income Tax Act was unjustified. The assessee successfully proved the identity, genuineness, and creditworthiness of the loan transactions through documentary evidence, including bank statements and repayment details. The Tribunal emphasized the assessee's compliance with providing necessary details and shifted the burden of proof to the Assessing Officer, who failed to disprove the legitimacy of the transactions. Consequently, the Tribunal directed the AO to delete the contested addition, allowing the assessee's appeal. Case-Laws Income Tax Tue, 15 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408993