https://www.taxtmi.com/caselaws?id=38007 Where an assessee supports alleged borrowings with confirmation letters, income-tax file numbers and cheque-based receipts and repayments, the initial onus is treated as discharged. The Tribunal's acceptance of such loans as genuine will not be perverse unless the revenue rebuts the evidence by showing that the creditors lacked capacity or by otherwise producing material undermining the transactions. On the facts considered by the Calcutta HC, the revenue had not verified the creditors' records or disproved their financial ability, so the finding that the amounts were genuine loan transactions, and not income from undisclosed sources, was upheld. en-us Mon, 27 Feb 1978 00:00:00 +0530 Fri, 02 Apr 2010 15:18:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38007 Where an assessee supports alleged borrowings with confirmation letters, income-tax file numbers and cheque-based receipts and repayments, the initial onus is treated as discharged. The Tribunal's acceptance of such loans as genuine will not be perverse unless the revenue rebuts the evidence by showing that the creditors lacked capacity or by otherwise producing material undermining the transactions. On the facts considered by the Calcutta HC, the revenue had not verified the creditors' records or disproved their financial ability, so the finding that the amounts were genuine loan transactions, and not income from undisclosed sources, was upheld. Case-Laws Income Tax Mon, 27 Feb 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38007