https://www.taxtmi.com/caselaws?id=467292 Whether additions under Section 68 were sustainable turned on the assessee's discharge of the initial onus to prove (i) identity of investor, (ii) creditworthiness, and (iii) genuineness of transactions. Tribunal found the assessee produced income-tax returns, audited accounts, bank statements, share certificates, evidence of tax compliance under a dispute-settlement scheme, records of interest payments and TDS, and that amounts were received as interest-bearing unsecured loans later converted to equity. The assessing officer relied on survey statements without adequate recorded reasons to reject documentary evidence; additions were deleted and appeals allowed in favour of the assessee by ITAT RAIPUR - AT. en-us Thu, 30 Mar 2023 00:00:00 +0530 Thu, 12 Mar 2026 12:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467292 Whether additions under Section 68 were sustainable turned on the assessee's discharge of the initial onus to prove (i) identity of investor, (ii) creditworthiness, and (iii) genuineness of transactions. Tribunal found the assessee produced income-tax returns, audited accounts, bank statements, share certificates, evidence of tax compliance under a dispute-settlement scheme, records of interest payments and TDS, and that amounts were received as interest-bearing unsecured loans later converted to equity. The assessing officer relied on survey statements without adequate recorded reasons to reject documentary evidence; additions were deleted and appeals allowed in favour of the assessee by ITAT RAIPUR - AT. Case-Laws Income Tax Thu, 30 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467292