https://www.taxtmi.com/caselaws?id=412972 Where unsecured loan creditors respond in remand proceedings and the assessee produces confirmations, bank statements, returns and ledger accounts, the identity, creditworthiness and genuineness of the transactions are treated as established. On that record, an addition for unexplained cash credits cannot be sustained merely on an uncorroborated allegation of accommodation entries or an entry operator. The consequential interest disallowance also falls once the principal loan addition is deleted, including interest attributable to the opening loan balance. The revenue's challenge therefore fails where the documentary and financial evidence supports the loan transactions. en-us Wed, 29 Sep 2021 00:00:00 +0530 Fri, 01 Oct 2021 08:34:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412972 Where unsecured loan creditors respond in remand proceedings and the assessee produces confirmations, bank statements, returns and ledger accounts, the identity, creditworthiness and genuineness of the transactions are treated as established. On that record, an addition for unexplained cash credits cannot be sustained merely on an uncorroborated allegation of accommodation entries or an entry operator. The consequential interest disallowance also falls once the principal loan addition is deleted, including interest attributable to the opening loan balance. The revenue's challenge therefore fails where the documentary and financial evidence supports the loan transactions. Case-Laws Income Tax Wed, 29 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412972