https://www.taxtmi.com/highlights?id=90703 The ITAT upheld the addition under section 68, holding that the assessee failed to establish the creditworthiness of the lender and the genuineness of the loan transaction. The lender's bank account was reopened without adherence to KYC norms, and the assessee did not provide essential details such as the lender's address or PAN, despite the lender becoming a shareholder. The cash deposit and immediate transfer to the assessee, coupled with the lender's non-resident status and lack of verifiable income source, undermined the claimed loan's authenticity. The tribunal affirmed the validity of the reassessment notice, noting that the reopening was based on tangible material indicating prima facie escapement of income and was sanctioned by comp..... en-us Mon, 21 Jul 2025 08:43:50 +0530 Mon, 21 Jul 2025 08:43:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=90703 The ITAT upheld the addition under section 68, holding that the assessee failed to establish the creditworthiness of the lender and the genuineness of the loan transaction. The lender's bank account was reopened without adherence to KYC norms, and the assessee did not provide essential details such as the lender's address or PAN, despite the lender becoming a shareholder. The cash deposit and immediate transfer to the assessee, coupled with the lender's non-resident status and lack of verifiable income source, undermined the claimed loan's authenticity. The tribunal affirmed the validity of the reassessment notice, noting that the reopening was based on tangible material indicating prima facie escapement of income and was sanctioned by comp..... Highlights Income Tax Mon, 21 Jul 2025 08:43:50 +0530 https://www.taxtmi.com/highlights?id=90703