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The ITAT upheld the assessee's claim regarding unexplained cash credits under section 68, rejecting the revenue's addition of alleged bogus unsecured loans. The assessee discharged the onus by furnishing ledger accounts, audited financial statements, bank records, ITR acknowledgments, and sale bills, thereby establishing the identity, capacity, and genuineness of the creditors and transactions. The tribunal further held that a retracted statement recorded during survey/search proceedings could not form the basis for making any addition. Consequently, the ITAT dismissed the revenue's appeal, affirming that the assessee satisfactorily met the evidentiary requirements to rebut the deeming provisions under section 68.
The ITAT upheld the assessee's claim regarding unexplained cash credits under section 68, rejecting the revenue's addition of alleged bogus unsecured loans. The assessee discharged the onus by furnishing ledger accounts, audited financial statements, bank records, ITR acknowledgments, and sale bills, thereby establishing the identity, capacity, and genuineness of the creditors and transactions. The tribunal further held that a retracted statement recorded during survey/search proceedings could not form the basis for making any addition. Consequently, the ITAT dismissed the revenue's appeal, affirming that the assessee satisfactorily met the evidentiary requirements to rebut the deeming provisions under section 68.
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