https://www.taxtmi.com/caselaws?id=55038 The Appellate Tribunal ITAT Agra ruled in favor of the assessee in a case challenging the addition of Rs. 1,50,000 under section 68 of the IT Act. The Tribunal found that the assessee had discharged the onus by providing creditor confirmations and IT return details, while the Revenue failed to refute the genuineness of the loans. The Tribunal disagreed with the CIT(A) decision, emphasizing the importance of meeting evidentiary requirements. Consequently, the Tribunal deleted the addition, highlighting the significance of proving the genuineness of loans under section 68 of the IT Act. en-us Tue, 27 Jul 2004 00:00:00 +0530 Tue, 23 Nov 2010 16:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55038 The Appellate Tribunal ITAT Agra ruled in favor of the assessee in a case challenging the addition of Rs. 1,50,000 under section 68 of the IT Act. The Tribunal found that the assessee had discharged the onus by providing creditor confirmations and IT return details, while the Revenue failed to refute the genuineness of the loans. The Tribunal disagreed with the CIT(A) decision, emphasizing the importance of meeting evidentiary requirements. Consequently, the Tribunal deleted the addition, highlighting the significance of proving the genuineness of loans under section 68 of the IT Act. Case-Laws Income Tax Tue, 27 Jul 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55038