Tribunal Rules on Unsecured Loan Additions, Emphasizes Assessee's Burden of Proof and Revenue's Failure to Counter Evidence.

Tribunal Rules on Unsecured Loan Additions, Emphasizes Assessee's Burden of Proof and Revenue's Failure to Counter Evidence. https://www.taxtmi.com/highlights?id=74694 Addition u/s. 68 being unsecured loans - onus to prove - The ITAT held that, primary onus can be discharged by establishing/furnishing the proof of the identity of the creditor, their creditworthiness and genuineness of transaction. Once the primary evidence in relation to the identity, genuineness and creditworthiness is furnished by the assessee, the burden shifts on the revenue to bring credible material before rejecting the primary document furnished by the assessee. - Since, revenue authorities failed to discharge the burden shifted on them, the tribunal deleted the additions. en-us Wed, 07 Feb 2024 10:22:59 +0530 Wed, 07 Feb 2024 10:22:59 +0530 TaxTMI RSS Generator Tribunal Rules on Unsecured Loan Additions, Emphasizes Assessee's Burden of Proof and Revenue's Failure to Counter Evidence. https://www.taxtmi.com/highlights?id=74694 Addition u/s. 68 being unsecured loans - onus to prove - The ITAT held that, primary onus can be discharged by establishing/furnishing the proof of the identity of the creditor, their creditworthiness and genuineness of transaction. Once the primary evidence in relation to the identity, genuineness and creditworthiness is furnished by the assessee, the burden shifts on the revenue to bring credible material before rejecting the primary document furnished by the assessee. - Since, revenue authorities failed to discharge the burden shifted on them, the tribunal deleted the additions. Highlights Income Tax Wed, 07 Feb 2024 10:22:59 +0530 https://www.taxtmi.com/highlights?id=74694