https://www.taxtmi.com/caselaws?id=378660 The Court upheld the CIT (A) order, dismissing the Revenue's appeal. The appellant, a Private Limited Company, successfully proved the legitimacy of unsecured loans by providing substantial evidence of the lender companies' identity, creditworthiness, and genuineness of transactions. The CIT (A) found the lender companies to be legitimate entities, filed tax returns, and rejected the AO's adverse inference due to lack of evidence. The Court emphasized the importance of complying with section 68 of the Act and ruled the addition of unsecured loans by the AO as unjustified, ordering its deletion. en-us Mon, 11 Feb 2019 00:00:00 +0530 Thu, 18 Apr 2019 10:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378660 The Court upheld the CIT (A) order, dismissing the Revenue's appeal. The appellant, a Private Limited Company, successfully proved the legitimacy of unsecured loans by providing substantial evidence of the lender companies' identity, creditworthiness, and genuineness of transactions. The CIT (A) found the lender companies to be legitimate entities, filed tax returns, and rejected the AO's adverse inference due to lack of evidence. The Court emphasized the importance of complying with section 68 of the Act and ruled the addition of unsecured loans by the AO as unjustified, ordering its deletion. Case-Laws Income Tax Mon, 11 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378660