https://www.taxtmi.com/caselaws?id=310011 The Tribunal set aside the deletion of an addition of Rs. 20,87,54,237 made by the Assessing Officer on account of unsecured loans under section 68 of the Income Tax Act. The burden of proof was on the assessee to establish the genuineness of transactions, including the identity and creditworthiness of the loan providers. The Tribunal emphasized the need to re-examine the identity of the parties involved and highlighted the importance of proving the authenticity of financial transactions to prevent potential tax evasion. en-us Tue, 16 Aug 2022 00:00:00 +0530 Tue, 03 Oct 2023 08:40:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310011 The Tribunal set aside the deletion of an addition of Rs. 20,87,54,237 made by the Assessing Officer on account of unsecured loans under section 68 of the Income Tax Act. The burden of proof was on the assessee to establish the genuineness of transactions, including the identity and creditworthiness of the loan providers. The Tribunal emphasized the need to re-examine the identity of the parties involved and highlighted the importance of proving the authenticity of financial transactions to prevent potential tax evasion. Case-Laws Income Tax Tue, 16 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310011