https://www.taxtmi.com/caselaws?id=468117 A section 68 addition for an unsecured loan was found unsustainable where the assessee produced the creditor's audited financials, income-tax acknowledgement, loan confirmation, bank records, constitutional documents and proof of repayment with interest and TDS. These materials established the creditor's identity, creditworthiness and the genuineness of the transaction, shifting the burden to the tax authority to make an independent verification. As no such enquiry was undertaken, including no verification from the creditor's assessing officer, the addition rested on suspicion and conjecture and was deleted. en-us Thu, 13 Feb 2025 00:00:00 +0530 Thu, 16 Apr 2026 19:01:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468117 A section 68 addition for an unsecured loan was found unsustainable where the assessee produced the creditor's audited financials, income-tax acknowledgement, loan confirmation, bank records, constitutional documents and proof of repayment with interest and TDS. These materials established the creditor's identity, creditworthiness and the genuineness of the transaction, shifting the burden to the tax authority to make an independent verification. As no such enquiry was undertaken, including no verification from the creditor's assessing officer, the addition rested on suspicion and conjecture and was deleted. Case-Laws Income Tax Thu, 13 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468117