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ITAT ruled in favor of assessee regarding unexplained money additions under s.69A for unsecured loan receipts. The tribunal found sufficient evidence proving loan disclosure in creditor's financial statements and proper reconciliation between rough and final balance sheets. Regarding additions under s.68 for partners' cash capital introduction, ITAT held that in completed/unabated assessments, additions cannot be made without incriminating material found during s.132 search. The tribunal confirmed assessee established partners' identity, transaction genuineness, and creditworthiness. CIT(A)'s finding that AO's additions were based merely on suspicion was upheld, as Revenue presented no contrary evidence. Both additions were deleted.
ITAT ruled in favor of assessee regarding unexplained money additions under s.69A for unsecured loan receipts. The tribunal found sufficient evidence proving loan disclosure in creditor's financial statements and proper reconciliation between rough and final balance sheets. Regarding additions under s.68 for partners' cash capital introduction, ITAT held that in completed/unabated assessments, additions cannot be made without incriminating material found during s.132 search. The tribunal confirmed assessee established partners' identity, transaction genuineness, and creditworthiness. CIT(A)'s finding that AO's additions were based merely on suspicion was upheld, as Revenue presented no contrary evidence. Both additions were deleted.
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