ITAT allowed the Assessee's appeal and deleted additions made...

ITAT allowed the Assessee's appeal and deleted additions made u/s 68. It held that the alleged unexplained cash credit, arising from unsecured loans and a difference in balances between the Assessee and the father, did not pertain to AY 2020-21; hence, the addition could not be sustained. Further, the Assessee had furnished sufficient documentary evidence establishing identity and creditworthiness of the lenders and genuineness of the loan transactions. The AO, despite remand proceedings, failed to bring any cogent material to discredit these documents and merely doubted creditworthiness. Uncontroverted evidence of loan repayments reinforced the Assessee's case. Consequently, all additions u/s 68 were deleted.