https://www.taxtmi.com/caselaws?id=461497 ITAT Indore allowed assessee's appeal against addition u/s 68 for unsecured loan of Rs. 5 lakhs from K.K. Patel Finance Limited. Assessee successfully discharged initial burden by providing creditor's identity, PAN details, company registration, bank account copies showing sufficient balance of Rs. 34 lakhs, loan confirmations, and transaction genuineness. ITAT held that once assessee proves creditor identity and transaction genuineness with supporting documents, burden shifts to AO for further verification. Since AO failed to verify or take appropriate action despite adequate evidence, no addition warranted under Section 68. en-us Fri, 20 May 2016 00:00:00 +0530 Wed, 09 Apr 2025 12:02:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461497 ITAT Indore allowed assessee's appeal against addition u/s 68 for unsecured loan of Rs. 5 lakhs from K.K. Patel Finance Limited. Assessee successfully discharged initial burden by providing creditor's identity, PAN details, company registration, bank account copies showing sufficient balance of Rs. 34 lakhs, loan confirmations, and transaction genuineness. ITAT held that once assessee proves creditor identity and transaction genuineness with supporting documents, burden shifts to AO for further verification. Since AO failed to verify or take appropriate action despite adequate evidence, no addition warranted under Section 68. Case-Laws Income Tax Fri, 20 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461497