https://www.taxtmi.com/caselaws?id=306316 The court upheld the CIT(A)'s decision to delete the addition of an unsecured loan of Rs. 65,00,000 made by the AO under section 68 of the Income Tax Act for A.Y. 2009-10. The assessee provided sufficient documentation to prove the genuineness of the loan transactions, meeting the onus of proof. The court followed a previous decision where similar issues were resolved in favor of the assessee based on evidence such as bank statements, income tax returns, and PAN of lenders. The Revenue's appeal was dismissed due to lack of new evidence and identical circumstances, affirming the deletion of the addition. en-us Thu, 27 Jun 2019 00:00:00 +0530 Sat, 21 Jan 2023 15:19:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306316 The court upheld the CIT(A)'s decision to delete the addition of an unsecured loan of Rs. 65,00,000 made by the AO under section 68 of the Income Tax Act for A.Y. 2009-10. The assessee provided sufficient documentation to prove the genuineness of the loan transactions, meeting the onus of proof. The court followed a previous decision where similar issues were resolved in favor of the assessee based on evidence such as bank statements, income tax returns, and PAN of lenders. The Revenue's appeal was dismissed due to lack of new evidence and identical circumstances, affirming the deletion of the addition. Case-Laws Income Tax Thu, 27 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306316