https://www.taxtmi.com/caselaws?id=440655 The Tribunal allowed the assessee's appeal and dismissed the Revenue's appeal, concluding that the unsecured loans were genuine and did not warrant addition under Section 68 of the Income Tax Act. The CIT(A) and Tribunal found sufficient evidence of identity, creditworthiness, and genuineness for loans from M/s Shearson Investment Trading Pvt. Ltd., M/s Birla Cotsyan (I) Ltd., and M/s Godavari Pvt. Ltd. The Tribunal determined that the transactions were legitimate, supported by confirmations, ITRs, annual reports, and bank statements, thus negating the AO's classification of these loans as unexplained cash credit. en-us Wed, 19 Jul 2023 00:00:00 +0530 Fri, 01 Dec 2023 11:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440655 The Tribunal allowed the assessee's appeal and dismissed the Revenue's appeal, concluding that the unsecured loans were genuine and did not warrant addition under Section 68 of the Income Tax Act. The CIT(A) and Tribunal found sufficient evidence of identity, creditworthiness, and genuineness for loans from M/s Shearson Investment Trading Pvt. Ltd., M/s Birla Cotsyan (I) Ltd., and M/s Godavari Pvt. Ltd. The Tribunal determined that the transactions were legitimate, supported by confirmations, ITRs, annual reports, and bank statements, thus negating the AO's classification of these loans as unexplained cash credit. Case-Laws Income Tax Wed, 19 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440655