https://www.taxtmi.com/caselaws?id=456325 ITAT Mumbai ruled in favor of assessee regarding bogus loan allegation under section 68. Revenue claimed unsecured loan of Rs 50 lakhs was accommodation entry. AO relied on survey statement under section 133A and non-production of lender. However, survey statement was retracted within four days with allegations of coercion. ITAT held retracted survey statements cannot be sole basis for adverse inference, citing SC precedent that section 133A statements lack evidentiary value. Assessee discharged burden by proving lender's identity, capacity, and genuineness through relevant documents. AO found no infirmity in documents. Addition under section 68 was deleted as assessee had repaid loan in subsequent year. Appeal allowed. en-us Fri, 14 Jul 2023 00:00:00 +0530 Tue, 16 Jul 2024 21:04:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456325 ITAT Mumbai ruled in favor of assessee regarding bogus loan allegation under section 68. Revenue claimed unsecured loan of Rs 50 lakhs was accommodation entry. AO relied on survey statement under section 133A and non-production of lender. However, survey statement was retracted within four days with allegations of coercion. ITAT held retracted survey statements cannot be sole basis for adverse inference, citing SC precedent that section 133A statements lack evidentiary value. Assessee discharged burden by proving lender's identity, capacity, and genuineness through relevant documents. AO found no infirmity in documents. Addition under section 68 was deleted as assessee had repaid loan in subsequent year. Appeal allowed. Case-Laws Income Tax Fri, 14 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456325