Unsustainable Addition u/s 68: Assessee Discharges Onus, Revenue Fails

Sasi Enterprises Vs DCIT (ITAT Chennai) ITAT Chennai held that once the assessee has discharged its primary onus of fulfilling the three ingredients of section 68 of the Income Tax Act, the further onus was on revenue to make further enquiry. However, since the onus lying on the revenue was not discharged, addition u/s 68 couldn’t be sustained. Facts- The assessee admitted loan of Rs.16.47 lacs from Mr. Ramachandran. The assessee filed address of the lender along with confirmation letter dated 27.02.2000 from M/s H.M.C. Fabrics Private Ltd. The loan was stated to be received through Indian B...