https://www.taxtmi.com/caselaws?id=787855 Addresses whether a statement under section 131 can alone sustain an addition under section 68; clarifies that where the assessee produces credible contemporaneous documentary proof of creditors' identity, creditworthiness and genuineness of loans-bank records, confirmations, ITRs, audited statements, repayment and TDS evidence-a lone section 131 statement without independent corroboration is insufficient to support an addition. Operatively, the conclusion affirms deletion of the section 68 addition where Revenue fails to produce cogent independent material rebutting the documentary evidence establishing the genuineness of the transactions. en-us Fri, 13 Feb 2026 00:00:00 +0530 Fri, 13 Mar 2026 08:36:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=787855 Addresses whether a statement under section 131 can alone sustain an addition under section 68; clarifies that where the assessee produces credible contemporaneous documentary proof of creditors' identity, creditworthiness and genuineness of loans-bank records, confirmations, ITRs, audited statements, repayment and TDS evidence-a lone section 131 statement without independent corroboration is insufficient to support an addition. Operatively, the conclusion affirms deletion of the section 68 addition where Revenue fails to produce cogent independent material rebutting the documentary evidence establishing the genuineness of the transactions. Case-Laws Income Tax Fri, 13 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=787855