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HC upheld ITAT's deletion of addition under Section 68, finding the unsecured loans were explained by a group company's disclosure of cash generation through inflated purchases. The court determined that since the group entity had disclosed the source of funds and availed settlement benefits, the loans could not be treated as unexplained income. The concurrent findings of CIT(A) and ITAT were accepted, with the court ruling that the Rs. 10.96 Crore unsecured loans were adequately explained and should not be considered undisclosed income, thereby deciding in favor of the Assessee.
HC upheld ITAT's deletion of addition under Section 68, finding the unsecured loans were explained by a group company's disclosure of cash generation through inflated purchases. The court determined that since the group entity had disclosed the source of funds and availed settlement benefits, the loans could not be treated as unexplained income. The concurrent findings of CIT(A) and ITAT were accepted, with the court ruling that the Rs. 10.96 Crore unsecured loans were adequately explained and should not be considered undisclosed income, thereby deciding in favor of the Assessee.
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