No section 68 addition if Assessee Proves Authenticity of Transaction with Evidence

Rupal Jain Vs ACIT (ITAT Delhi) We notice that the assessee has not only discharged the primary onus by filing confirmation and the IT returns and balance sheet of the lenders, the assessee is also stated to have paid interest in most of the cases and deducted TDS thereon. Noticiably, the lenders are the family members and they are also filing their return of income declaring income which is in excess of money lent. The creditworthiness is thus reasonably established. Apart from these facts, as stated, the loans were also stood repaid in the subsequent assessment year which transcends all othe...