https://www.taxtmi.com/caselaws?id=422593 The ITAT Chennai upheld the Ld.CIT(A)'s decision, dismissing the Revenue's appeal. The ITAT Chennai found that the assessee adequately proved identity, genuineness, and creditworthiness for most loans, shifting the burden to the AO to provide contrary evidence. The ITAT Chennai emphasized that the AO's focus on creditors' income declarations was insufficient to justify additions under section 68. Loans from known parties, supported by proper documentation, should not be treated as unexplained credits solely based on income declarations. en-us Fri, 13 May 2022 00:00:00 +0530 Thu, 19 May 2022 12:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422593 The ITAT Chennai upheld the Ld.CIT(A)'s decision, dismissing the Revenue's appeal. The ITAT Chennai found that the assessee adequately proved identity, genuineness, and creditworthiness for most loans, shifting the burden to the AO to provide contrary evidence. The ITAT Chennai emphasized that the AO's focus on creditors' income declarations was insufficient to justify additions under section 68. Loans from known parties, supported by proper documentation, should not be treated as unexplained credits solely based on income declarations. Case-Laws Income Tax Fri, 13 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422593