https://www.taxtmi.com/caselaws?id=296921 Primary evidence of a loan transaction had been produced, including confirmation, PAN, bank records and the creditor's appearance before the AO, so the assessee discharged the initial burden under section 68 by establishing identity, creditworthiness and genuineness; the burden then shifted to the Revenue, and the addition could not be sustained merely on a general search statement without effective rebuttal or meaningful cross-examination, so the unsecured loan addition was deleted. Because the interest disallowance was wholly dependent on the disputed loan additions, its foundation also fell away once those additions were deleted, and the interest disallowance was likewise deleted. en-us Tue, 12 Sep 2017 00:00:00 +0530 Wed, 11 Aug 2021 21:23:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296921 Primary evidence of a loan transaction had been produced, including confirmation, PAN, bank records and the creditor's appearance before the AO, so the assessee discharged the initial burden under section 68 by establishing identity, creditworthiness and genuineness; the burden then shifted to the Revenue, and the addition could not be sustained merely on a general search statement without effective rebuttal or meaningful cross-examination, so the unsecured loan addition was deleted. Because the interest disallowance was wholly dependent on the disputed loan additions, its foundation also fell away once those additions were deleted, and the interest disallowance was likewise deleted. Case-Laws Income Tax Tue, 12 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296921