https://www.taxtmi.com/highlights?id=70305 Bogus loans u/s 68 - unsecured loans from the three loan creditors and interest on loans - reliance on third party statement - The ITAT upheld the CIT(A)'s order, stating that the assessee had discharged its burden by submitting the requisite information, and the onus lies on the AO to make enquiries. The AO failed to make further enquiries and relied on the statement recorded, which was retracted subsequently. - AT en-us Tue, 13 Jun 2023 11:34:16 +0530 Tue, 13 Jun 2023 11:34:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=70305 Bogus loans u/s 68 - unsecured loans from the three loan creditors and interest on loans - reliance on third party statement - The ITAT upheld the CIT(A)'s order, stating that the assessee had discharged its burden by submitting the requisite information, and the onus lies on the AO to make enquiries. The AO failed to make further enquiries and relied on the statement recorded, which was retracted subsequently. - AT Highlights Income Tax Tue, 13 Jun 2023 11:34:16 +0530 https://www.taxtmi.com/highlights?id=70305