https://www.taxtmi.com/caselaws?id=442637 Addition under section 68 challenged on grounds of bogus loans was rejected because the assessee produced evidence establishing the identity, genuineness and creditworthiness of creditors; outcome: the addition was deleted. The Tribunal and appellate authority relied on creditor confirmations, bank records showing receipt through regular banking channels, audited reports, TDS deduction and survey-recorded statements of the creditor to sustain genuineness. The assessing officers reliance on a third-party statement without permitting cross-examination violated the principle of natural justice, rendering the addition unsustainable. Decision favoured the assessee. en-us Mon, 28 Aug 2023 00:00:00 +0530 Sat, 31 Jan 2026 11:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442637 Addition under section 68 challenged on grounds of bogus loans was rejected because the assessee produced evidence establishing the identity, genuineness and creditworthiness of creditors; outcome: the addition was deleted. The Tribunal and appellate authority relied on creditor confirmations, bank records showing receipt through regular banking channels, audited reports, TDS deduction and survey-recorded statements of the creditor to sustain genuineness. The assessing officers reliance on a third-party statement without permitting cross-examination violated the principle of natural justice, rendering the addition unsustainable. Decision favoured the assessee. Case-Laws Income Tax Mon, 28 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442637