https://www.taxtmi.com/caselaws?id=793285 Once the assessee produced confirmations, PAN, bank statements, ITR acknowledgements, financial statements and other primary evidence, the burden under section 68 shifted to the Revenue to rebut identity, creditworthiness and genuineness with material evidence; the deletion of additions for unsecured loans and sundry creditors was therefore upheld, and the only sustained loan addition was deleted because the creditor was in liquidation and the available documents still discharged the initial burden. The consequential interest disallowance also fell with the principal addition. On section 14A, the disallowance was confined to the exempt income earned, and the later Explanation inserted by the Finance Act, 2022 was treated as prospective. en-us Tue, 26 May 2026 00:00:00 +0530 Fri, 12 Jun 2026 08:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=793285 Once the assessee produced confirmations, PAN, bank statements, ITR acknowledgements, financial statements and other primary evidence, the burden under section 68 shifted to the Revenue to rebut identity, creditworthiness and genuineness with material evidence; the deletion of additions for unsecured loans and sundry creditors was therefore upheld, and the only sustained loan addition was deleted because the creditor was in liquidation and the available documents still discharged the initial burden. The consequential interest disallowance also fell with the principal addition. On section 14A, the disallowance was confined to the exempt income earned, and the later Explanation inserted by the Finance Act, 2022 was treated as prospective. Case-Laws Income Tax Tue, 26 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=793285