https://www.taxtmi.com/caselaws?id=409646 The Tribunal upheld the deletion of additions made under Section 68 of the Income Tax Act and the consequential disallowance of interest. The assessee successfully proved the genuineness of transactions and the identity and creditworthiness of loan creditors. The AO's reliance on presumptions without substantial evidence led to the dismissal of revenue's appeals. The Tribunal emphasized that once the initial burden is discharged, the onus shifts to the AO to prove otherwise, highlighting the importance of concrete evidence in such cases. en-us Mon, 14 Jun 2021 00:00:00 +0530 Tue, 13 Jul 2021 18:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409646 The Tribunal upheld the deletion of additions made under Section 68 of the Income Tax Act and the consequential disallowance of interest. The assessee successfully proved the genuineness of transactions and the identity and creditworthiness of loan creditors. The AO's reliance on presumptions without substantial evidence led to the dismissal of revenue's appeals. The Tribunal emphasized that once the initial burden is discharged, the onus shifts to the AO to prove otherwise, highlighting the importance of concrete evidence in such cases. Case-Laws Income Tax Mon, 14 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409646