https://www.taxtmi.com/caselaws?id=55015 Loans received by cheque from three creditors were held not to be unexplained cash credits where the assessee produced confirmations, addresses, PAN/GIR details, and creditor appearances that established identity, prima facie capacity, and genuineness. The Tribunal held that once this initial burden under section 68 was discharged, the onus shifted to the Revenue, which could not reject the credits merely because bank deposits appeared in the creditors' accounts or by demanding proof of the source of the source. As the loans were accepted as genuine, the consequential disallowance of interest on those loans also failed and the interest deduction was allowed. en-us Fri, 17 Aug 2001 00:00:00 +0530 Mon, 22 Nov 2010 14:08:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55015 Loans received by cheque from three creditors were held not to be unexplained cash credits where the assessee produced confirmations, addresses, PAN/GIR details, and creditor appearances that established identity, prima facie capacity, and genuineness. The Tribunal held that once this initial burden under section 68 was discharged, the onus shifted to the Revenue, which could not reject the credits merely because bank deposits appeared in the creditors' accounts or by demanding proof of the source of the source. As the loans were accepted as genuine, the consequential disallowance of interest on those loans also failed and the interest deduction was allowed. Case-Laws Income Tax Fri, 17 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55015