https://www.taxtmi.com/caselaws?id=412941 The High Court set aside the order of the Income Tax Appellate Tribunal (ITAT) for the Assessment Year 2011-12, as neither the Commissioner, Income Tax (Appeal) nor ITAT considered the appellant's defense regarding the identity and creditworthiness of lenders and genuineness of loans under Section 68 of the Act. The Court remanded the matter to the Commissioner for further consideration, emphasizing the assessee's obligation to prove the genuineness of the transaction and the credibility of the investors. The appeal was disposed of, and the order was directed to be uploaded on the website and sent to the counsel via email. en-us Mon, 27 Sep 2021 00:00:00 +0530 Thu, 30 Sep 2021 09:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412941 The High Court set aside the order of the Income Tax Appellate Tribunal (ITAT) for the Assessment Year 2011-12, as neither the Commissioner, Income Tax (Appeal) nor ITAT considered the appellant's defense regarding the identity and creditworthiness of lenders and genuineness of loans under Section 68 of the Act. The Court remanded the matter to the Commissioner for further consideration, emphasizing the assessee's obligation to prove the genuineness of the transaction and the credibility of the investors. The appeal was disposed of, and the order was directed to be uploaded on the website and sent to the counsel via email. Case-Laws Income Tax Mon, 27 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412941