https://www.taxtmi.com/caselaws?id=776982 ITAT, Chennai set aside assessment to the file of the JAO for limited verification of identity, creditworthiness and genuineness of loan creditors in respect of loans totaling Rs.5.67 crores, against which the AO made an addition of Rs.4,08,78,128 under s.68. The tribunal found the assessee filed ITRs, PAN and addresses belatedly and could not verify the creditors; it declined to fault the AO for making the addition without such verification. JAO is directed to verify and, if the assessee discharges the statutory burden, pass orders in accordance with law. Revenue's appeal allowed for statistical purposes. en-us Wed, 08 Jan 2025 00:00:00 +0530 Fri, 22 Aug 2025 08:33:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776982 ITAT, Chennai set aside assessment to the file of the JAO for limited verification of identity, creditworthiness and genuineness of loan creditors in respect of loans totaling Rs.5.67 crores, against which the AO made an addition of Rs.4,08,78,128 under s.68. The tribunal found the assessee filed ITRs, PAN and addresses belatedly and could not verify the creditors; it declined to fault the AO for making the addition without such verification. JAO is directed to verify and, if the assessee discharges the statutory burden, pass orders in accordance with law. Revenue's appeal allowed for statistical purposes. Case-Laws Income Tax Wed, 08 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776982