Tribunal held that the assessee has discharged the burden by filing affidavits, Bank statements, balance-sheets, Income-Tax Return Acknowledgements, Permanent Account Number Details , loan confirmation etc of the lenders . Accordingly the addition is held to be not justified. (AY. 2008 -09)
ITO v. Jyoti Saraf (Smt.) (2019) 70 ITR 52 (Kol.)(Trib.)
S. 68 : Cash credits-Loan–Depositors have filed affidavits, Bank statements, balance-sheets, Income-Tax Return Acknowledgements, Permanent Account Number Details, loan confirmation etc. – Burden discharged – Addition is held to be not justified.