https://www.taxtmi.com/caselaws?id=755668 ITAT Mumbai held that assessee failed to prove identity, genuineness, and creditworthiness of creditor under Section 68. Assessee obtained loan from bogus accommodation entry provider but did not produce lender despite directions, preventing AO's enquiry. Court distinguished previous favorable decision for assessee as facts were different. Matter remanded to AO with direction for assessee to produce creditor's directors for detailed examination. AO directed to independently examine transactions per Section 68 parameters without relying solely on accommodation providers' confessions. Appeal allowed for statistical purposes. en-us Tue, 09 Jul 2024 00:00:00 +0530 Tue, 16 Jul 2024 10:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755668 ITAT Mumbai held that assessee failed to prove identity, genuineness, and creditworthiness of creditor under Section 68. Assessee obtained loan from bogus accommodation entry provider but did not produce lender despite directions, preventing AO's enquiry. Court distinguished previous favorable decision for assessee as facts were different. Matter remanded to AO with direction for assessee to produce creditor's directors for detailed examination. AO directed to independently examine transactions per Section 68 parameters without relying solely on accommodation providers' confessions. Appeal allowed for statistical purposes. Case-Laws Income Tax Tue, 09 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755668