Assessee obtained loans from two corporate entities to purchase...

Assessee obtained loans from two corporate entities to purchase properties. AO treated these loans as unexplained cash credits u/s 68, relying solely on third-party statements without conducting independent inquiries or allowing cross-examination, violating natural justice principles. Assessee furnished evidence establishing lenders' identities, transaction genuineness, and creditworthiness during appellate proceedings. CIT(A) examined additional evidence due to AO's failure to complete remand proceedings. Onus u/s 68 was discharged by assessee, and AO failed to rebut the evidence. ITAT upheld CIT(A)'s order deleting the addition, citing violation of natural justice by AO and assessee's discharge of onus as per judicial precedents.