https://www.taxtmi.com/caselaws?id=468498 Loan-related additions under section 69 require examination of whether the assessee has proved the identity, creditworthiness, and genuineness of the creditors through confirmations, returns, bank statements, and other supporting evidence. Where such material is not furnished and the assessee also fails to appear before the first appellate authority, the record may justify an addition, but a wrong invocation of section does not by itself warrant deletion if the underlying transactions need factual verification. The matter was therefore restored for fresh adjudication after giving the assessee an effective opportunity to explain the loan entries. en-us Thu, 18 Apr 2024 00:00:00 +0530 Sat, 09 May 2026 13:17:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468498 Loan-related additions under section 69 require examination of whether the assessee has proved the identity, creditworthiness, and genuineness of the creditors through confirmations, returns, bank statements, and other supporting evidence. Where such material is not furnished and the assessee also fails to appear before the first appellate authority, the record may justify an addition, but a wrong invocation of section does not by itself warrant deletion if the underlying transactions need factual verification. The matter was therefore restored for fresh adjudication after giving the assessee an effective opportunity to explain the loan entries. Case-Laws Income Tax Thu, 18 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468498