https://www.taxtmi.com/caselaws?id=436087 In an appeal concerning additions under s.68 and disallowance of interest on alleged non-genuine loans, the core issue was whether the assessee had established the identity and creditworthiness of lenders and the genuineness of the transactions. The HC held that the appellate authorities correctly found, on detailed examination, that the lenders had directly furnished documents to the AO and their creditworthiness stood proved; the AO's adverse inference based largely on selective statements was insufficient, particularly when the statements were alleged to be coerced. Relying on established precedent on s.68 scrutiny, the HC concluded no substantial question of law arose and dismissed the revenue's appeal, sustaining deletion of the addition and consequential interest disallowance. en-us Tue, 03 Jan 2023 00:00:00 +0530 Wed, 31 Dec 2025 17:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436087 In an appeal concerning additions under s.68 and disallowance of interest on alleged non-genuine loans, the core issue was whether the assessee had established the identity and creditworthiness of lenders and the genuineness of the transactions. The HC held that the appellate authorities correctly found, on detailed examination, that the lenders had directly furnished documents to the AO and their creditworthiness stood proved; the AO's adverse inference based largely on selective statements was insufficient, particularly when the statements were alleged to be coerced. Relying on established precedent on s.68 scrutiny, the HC concluded no substantial question of law arose and dismissed the revenue's appeal, sustaining deletion of the addition and consequential interest disallowance. Case-Laws Income Tax Tue, 03 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436087