AdvertisementITO Vs Seven Rings Education Pvt. Ltd. (ITAT Mumbai) Mumbai ITAT: Repayment of Loan in Same Year Does Not, by Itself, Establish Genuineness Under Section 68 The Mumbai ITAT allowed the Revenue’s appeal and restored an addition of ₹25.43 crore under Section 68, holding that mere repayment of the amount in the same financial year is not sufficient to establish the genuineness of a loan transaction. The assessee must independently establish the identity, creditworthiness of the lender, and genuineness of the transaction. The assessee-company had received ₹25.43 crore from M/s. Tulsiyat ...