https://www.taxtmi.com/caselaws?id=298317 Addition under section 68 was held unsustainable where the Revenue relied mainly on a search statement and a letter alleging accommodation entries, but both were later retracted. The lender then confirmed the loan and produced bank statements, audited accounts and other records showing payment through banking channels and no cash deposits before cheque clearance. As the alleged cash trail was not independently established and the assessee's three section 68 requirements were not disproved, the documentary evidence prevailed over the retracted statement. The loan was treated as genuine, with identity and creditworthiness of the creditor established, and the addition was deleted. en-us Tue, 06 Sep 2011 00:00:00 +0530 Tue, 26 Oct 2021 13:20:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298317 Addition under section 68 was held unsustainable where the Revenue relied mainly on a search statement and a letter alleging accommodation entries, but both were later retracted. The lender then confirmed the loan and produced bank statements, audited accounts and other records showing payment through banking channels and no cash deposits before cheque clearance. As the alleged cash trail was not independently established and the assessee's three section 68 requirements were not disproved, the documentary evidence prevailed over the retracted statement. The loan was treated as genuine, with identity and creditworthiness of the creditor established, and the addition was deleted. Case-Laws Income Tax Tue, 06 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298317