https://www.taxtmi.com/caselaws?id=772179 The SC/Tribunal examined unsecured loan transactions under Section 68 of Income Tax Act across two assessment years. After analyzing evidence from multiple lenders, the Tribunal consistently held that the assessee discharged its statutory burden by providing comprehensive documentation. The revenue's appeals were dismissed, as mere suspicions and presumptions were insufficient to disallow genuine loan transactions. The Tribunal emphasized that positive evidence must disprove loan genuineness, and findings from the Interim Board of Settlement are binding for assessment purposes. en-us Fri, 28 Mar 2025 00:00:00 +0530 Thu, 05 Jun 2025 08:25:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772179 The SC/Tribunal examined unsecured loan transactions under Section 68 of Income Tax Act across two assessment years. After analyzing evidence from multiple lenders, the Tribunal consistently held that the assessee discharged its statutory burden by providing comprehensive documentation. The revenue's appeals were dismissed, as mere suspicions and presumptions were insufficient to disallow genuine loan transactions. The Tribunal emphasized that positive evidence must disprove loan genuineness, and findings from the Interim Board of Settlement are binding for assessment purposes. Case-Laws Income Tax Fri, 28 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772179