https://www.taxtmi.com/caselaws?id=415026 Identity, creditworthiness and genuineness of unsecured loan creditors were established through confirmations, PAN details, audited financials, bank statements and other primary documents, with the loans routed through banking channels and interest paid after tax deduction at source. The revenue relied mainly on a retracted third-party statement, but that person did not furnish incriminating material when examined and confirmed the loan transactions, and no effective enquiry was made from the lenders' assessing officers. On these facts, the initial onus under section 68 was held discharged, and the addition under section 68 together with the related interest disallowance under section 69C was deleted as unsustainable. en-us Thu, 30 Sep 2021 00:00:00 +0530 Tue, 23 Nov 2021 14:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415026 Identity, creditworthiness and genuineness of unsecured loan creditors were established through confirmations, PAN details, audited financials, bank statements and other primary documents, with the loans routed through banking channels and interest paid after tax deduction at source. The revenue relied mainly on a retracted third-party statement, but that person did not furnish incriminating material when examined and confirmed the loan transactions, and no effective enquiry was made from the lenders' assessing officers. On these facts, the initial onus under section 68 was held discharged, and the addition under section 68 together with the related interest disallowance under section 69C was deleted as unsustainable. Case-Laws Income Tax Thu, 30 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415026