No section 68 addition for unsecured loans if assessee proves genuineness

Once an assessee discharged its burden, then burden shifts to AO to prove otherwise that said transaction was nothing but undisclosed income of the assessee. In this case, AO had not brought on record any evidence to prove that said sum was undisclosed income of assessee. Therefore, AO was completely erred in making additions towards unsecured loans received from three companies of assessee group.

from TaxGuru https://ift.tt/3q69A5Z
via IFTTT