Assessee received interest-free unsecured loan from his NRI close friend. The amount was received through  banking channel and also furnished confirmation letter The Assessing Officer treated  credit of loan as unexplained cash credit since  the assessee had not furnished proper details of lender such as address as well as return of income. Commissioner (Appeals) also confirmed addition made by Assessing Officer even though assessee had made submissions for proving lender’s identity, creditworthiness and genuineness by furnishing, inter alia, audited financial statement of lender’s firm. On appeal the Tribunal held that as the  assessee had discharged his primary onus cast upon him by furnishing copy of PAN, confirmation, bank statement, copy of return filed in India, etc., and onus shifted on revenue to bring any contrary material, but revenue failed to discharge its onus, impugned addition to be set aside. The Tribunal also held that absence of any formal agreement or repayment schedule cannot be a basis for treating credit of loan as deemed income under section 68.In case of acceptance of fund from NRI by foreign direct remittance, not taking approval from competent authority under any other statute could not be used to draw an inference that amount received represent unexplained cash credit more so when identity, creditworthiness and genuineness of transaction had already been proven in favour. (AY. 2012-13, 2014-15)