https://www.taxtmi.com/caselaws?id=413916 The ITAT upheld the decision to confirm the addition of Rs. 29,00,000 under section 68 of Loan Taken as the appellant failed to adequately explain the genuineness and creditworthiness of the transaction. Despite claims of transactions through banking channels, no concrete evidence or confirmations were provided, and the lack of interest on the loans and absence of source verification weakened the appellant's case. The ITAT concluded that the appellant did not meet the burden of proof required under section 68 of the Act and dismissed the appeal, confirming the addition of Rs. 29,00,000. en-us Fri, 22 Oct 2021 00:00:00 +0530 Sat, 23 Oct 2021 07:54:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413916 The ITAT upheld the decision to confirm the addition of Rs. 29,00,000 under section 68 of Loan Taken as the appellant failed to adequately explain the genuineness and creditworthiness of the transaction. Despite claims of transactions through banking channels, no concrete evidence or confirmations were provided, and the lack of interest on the loans and absence of source verification weakened the appellant's case. The ITAT concluded that the appellant did not meet the burden of proof required under section 68 of the Act and dismissed the appeal, confirming the addition of Rs. 29,00,000. Case-Laws Income Tax Fri, 22 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413916