https://www.taxtmi.com/caselaws?id=788660 A corporate assessee was not treated as a shell entity where the record showed continuing existence, prior and subsequent business activity, books of account, and no admission that it lacked a profit-making apparatus; the business loss was therefore allowed to be carried forward. For unsecured loan credits, lender-wise confirmations, bank statements, affidavits, ledgers and returns were sufficient to discharge the primary onus on identity, creditworthiness and genuineness, and the revenue failed to rebut that evidence; the section 68 addition was deleted. Once those credits were accepted as genuine, the same amount could not be again taxed as unexplained investment, so the separate addition was also deleted. en-us Tue, 24 Mar 2026 00:00:00 +0530 Thu, 26 Mar 2026 09:05:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=788660 A corporate assessee was not treated as a shell entity where the record showed continuing existence, prior and subsequent business activity, books of account, and no admission that it lacked a profit-making apparatus; the business loss was therefore allowed to be carried forward. For unsecured loan credits, lender-wise confirmations, bank statements, affidavits, ledgers and returns were sufficient to discharge the primary onus on identity, creditworthiness and genuineness, and the revenue failed to rebut that evidence; the section 68 addition was deleted. Once those credits were accepted as genuine, the same amount could not be again taxed as unexplained investment, so the separate addition was also deleted. Case-Laws Income Tax Tue, 24 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=788660