S. 68 Onus of Assessee discharged on submission of names, addresses, PAN, bank statement, income-tax returns of Loan Creditors

On going through the above discussion the fact is undisputed that assessee has filed the details of names, addresses, Permanent Account Number (PAN), bank statement, income-tax returns and financial statements of all the alleged loan creditors and no anomaly or mistake has been observed by the Revenue authorities except for the low or nil income shown during the year. Further no enquiry has been conducted in any of the loan creditor so as to disprove the evidences and documents placed by assessee with respect to proving identity, creditworthiness and genuineness of the loan creditor. In the co...