https://www.taxtmi.com/caselaws?id=304829 The Tribunal allowed the appeal of the assessee, holding that the assessee had sufficiently proved the genuineness of the loans by providing necessary documentation and discharging the primary burden under section 68 of the IT Act. The Tribunal found that the reliance on a statement from a third party during a survey, which lacked evidentiary value, was unjustified. Consequently, the additions made by the lower authorities were overturned, and the loans along with interest were not deemed as bogus. en-us Fri, 11 Jan 2013 00:00:00 +0530 Sat, 29 Oct 2022 17:33:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304829 The Tribunal allowed the appeal of the assessee, holding that the assessee had sufficiently proved the genuineness of the loans by providing necessary documentation and discharging the primary burden under section 68 of the IT Act. The Tribunal found that the reliance on a statement from a third party during a survey, which lacked evidentiary value, was unjustified. Consequently, the additions made by the lower authorities were overturned, and the loans along with interest were not deemed as bogus. Case-Laws Income Tax Fri, 11 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304829