https://www.taxtmi.com/caselaws?id=449123 ITAT Ahmedabad dismissed Revenue's appeal regarding addition of unsecured loans from alleged shell companies. The assessee provided complete documentation including ledgers, confirmations, ITRs, and bank statements to prove loan genuineness. AO relied on search materials and statements from entry provider's premises without supplying these to assessee for rebuttal or allowing cross-examination. CIT(A) deleted additions finding procedural violations. ITAT upheld deletion, ruling that once assessee furnishes primary evidence of creditor identity, creditworthiness, and transaction genuineness, burden shifts to AO for independent inquiry. AO failed to point out documentary deficiencies or conduct proper verification, merely relying on subsequently retracted statements. Addition under Section 68 was unjustified. en-us Wed, 10 Jan 2024 00:00:00 +0530 Tue, 06 Feb 2024 20:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449123 ITAT Ahmedabad dismissed Revenue's appeal regarding addition of unsecured loans from alleged shell companies. The assessee provided complete documentation including ledgers, confirmations, ITRs, and bank statements to prove loan genuineness. AO relied on search materials and statements from entry provider's premises without supplying these to assessee for rebuttal or allowing cross-examination. CIT(A) deleted additions finding procedural violations. ITAT upheld deletion, ruling that once assessee furnishes primary evidence of creditor identity, creditworthiness, and transaction genuineness, burden shifts to AO for independent inquiry. AO failed to point out documentary deficiencies or conduct proper verification, merely relying on subsequently retracted statements. Addition under Section 68 was unjustified. Case-Laws Income Tax Wed, 10 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449123