https://www.taxtmi.com/caselaws?id=445603 ITAT Delhi reversed CIT(A)'s deletion of addition under Section 68 for unexplained credit. The assessee received interest-free loans but failed to establish the creditor's financial capacity and creditworthiness despite transactions exceeding Rs. 334 crore. CIT(A) relied only on passport and bank statement proving identity, ignoring absence of balance sheet or audited accounts. The assessee admitted no interest was paid nor loan repaid. ITAT held CIT(A) adopted casual approach without addressing AO's allegations, restored assessment order and upheld addition. Revenue's appeal allowed. en-us Mon, 31 Jul 2023 00:00:00 +0530 Sat, 11 Nov 2023 08:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445603 ITAT Delhi reversed CIT(A)'s deletion of addition under Section 68 for unexplained credit. The assessee received interest-free loans but failed to establish the creditor's financial capacity and creditworthiness despite transactions exceeding Rs. 334 crore. CIT(A) relied only on passport and bank statement proving identity, ignoring absence of balance sheet or audited accounts. The assessee admitted no interest was paid nor loan repaid. ITAT held CIT(A) adopted casual approach without addressing AO's allegations, restored assessment order and upheld addition. Revenue's appeal allowed. Case-Laws Income Tax Mon, 31 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445603