https://www.taxtmi.com/caselaws?id=753154 The ITAT Delhi held that the AO failed to conduct independent inquiry regarding unsecured loans under section 68, while the CIT(A) neither investigated the details furnished by the assessee nor provided the AO sufficient opportunity to verify creditworthiness, fund sources, and transaction genuineness. The tribunal emphasized that once an assessee proves creditor identity, transaction genuineness, and creditworthiness, the burden shifts to revenue to demonstrate the amounts actually belonged to the assessee. The case was remanded to provide the assessee reasonable opportunity to address shortcomings, with revenue's appeal allowed for statistical purposes. en-us Mon, 20 May 2024 00:00:00 +0530 Mon, 27 May 2024 08:07:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753154 The ITAT Delhi held that the AO failed to conduct independent inquiry regarding unsecured loans under section 68, while the CIT(A) neither investigated the details furnished by the assessee nor provided the AO sufficient opportunity to verify creditworthiness, fund sources, and transaction genuineness. The tribunal emphasized that once an assessee proves creditor identity, transaction genuineness, and creditworthiness, the burden shifts to revenue to demonstrate the amounts actually belonged to the assessee. The case was remanded to provide the assessee reasonable opportunity to address shortcomings, with revenue's appeal allowed for statistical purposes. Case-Laws Income Tax Mon, 20 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753154