https://www.taxtmi.com/caselaws?id=445051 ITAT Surat ruled in favor of the assessee in two separate issues involving Section 68 additions. First, regarding advance payments for land purchase, the tribunal held that AO wrongly invoked Section 68 as amounts were advances shown in assets, not credits in books. The land was subsequently transferred to assessee with proper documentation and account payee cheques. Second, concerning unsecured loans, the tribunal found assessee discharged its onus by providing comprehensive details of lenders including PAN, bank statements, and confirmations. AO failed to conduct independent verification despite having complete documentation. The tribunal noted loans were repaid in subsequent year and no evidence existed of accommodation entries or circular transactions. en-us Thu, 26 Oct 2023 00:00:00 +0530 Wed, 31 Jan 2024 14:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445051 ITAT Surat ruled in favor of the assessee in two separate issues involving Section 68 additions. First, regarding advance payments for land purchase, the tribunal held that AO wrongly invoked Section 68 as amounts were advances shown in assets, not credits in books. The land was subsequently transferred to assessee with proper documentation and account payee cheques. Second, concerning unsecured loans, the tribunal found assessee discharged its onus by providing comprehensive details of lenders including PAN, bank statements, and confirmations. AO failed to conduct independent verification despite having complete documentation. The tribunal noted loans were repaid in subsequent year and no evidence existed of accommodation entries or circular transactions. Case-Laws Income Tax Thu, 26 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445051