https://www.taxtmi.com/caselaws?id=449452 The ITAT Delhi dismissed the Revenue's appeal regarding addition under section 68 for unsecured loans. The assessee successfully proved the identity, genuineness, and creditworthiness of loan parties by furnishing required documents including ITRs, PAN details, bank statements, and creditor confirmations during assessment and appellate proceedings. The AO had rejected these evidences without establishing their falsity or conducting proper verification of depositors' sources. The CIT(A) correctly held that the assessee discharged the onus required under section 68, as personal identities, sources, and subsequent repayments were adequately examined and proved. en-us Thu, 11 Jan 2024 00:00:00 +0530 Mon, 12 Feb 2024 10:24:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449452 The ITAT Delhi dismissed the Revenue's appeal regarding addition under section 68 for unsecured loans. The assessee successfully proved the identity, genuineness, and creditworthiness of loan parties by furnishing required documents including ITRs, PAN details, bank statements, and creditor confirmations during assessment and appellate proceedings. The AO had rejected these evidences without establishing their falsity or conducting proper verification of depositors' sources. The CIT(A) correctly held that the assessee discharged the onus required under section 68, as personal identities, sources, and subsequent repayments were adequately examined and proved. Case-Laws Income Tax Thu, 11 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449452