https://www.taxtmi.com/caselaws?id=414364 Primary documentary evidence showing identity, genuineness and creditworthiness of lenders was sufficient to support unsecured loan credits where confirmations, PAN details, returns, bank statements and financial statements were produced, the funds moved through banking channels, tax was deducted on interest and the loans were later repaid. Additions under section 68 could not be sustained merely on retracted third-party search or survey statements without independent material discrediting the transactions. Once the principal loan addition failed, the consequential disallowance of interest and commission also could not survive and was deleted. en-us Fri, 29 Oct 2021 00:00:00 +0530 Tue, 02 Nov 2021 15:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414364 Primary documentary evidence showing identity, genuineness and creditworthiness of lenders was sufficient to support unsecured loan credits where confirmations, PAN details, returns, bank statements and financial statements were produced, the funds moved through banking channels, tax was deducted on interest and the loans were later repaid. Additions under section 68 could not be sustained merely on retracted third-party search or survey statements without independent material discrediting the transactions. Once the principal loan addition failed, the consequential disallowance of interest and commission also could not survive and was deleted. Case-Laws Income Tax Fri, 29 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414364