https://www.taxtmi.com/caselaws?id=445898 ITAT Indore held that addition under section 68 for unexplained unsecured loan was not sustainable. The assessee provided account confirmation, bank passbook, and PAN card establishing creditor's identity. Bank passbook showed creditor's capacity through cleared cheque proceeds, not requiring income assessment. Non-filing of ITR by creditor was irrelevant per Metachem Industries precedent. Genuineness was established through banking channel transactions. Interest-free nature was confirmed by account confirmation. AO failed to conduct field enquiry despite assessee discharging primary burden. Addition deleted in favor of assessee. en-us Fri, 18 Aug 2023 00:00:00 +0530 Wed, 22 Nov 2023 07:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445898 ITAT Indore held that addition under section 68 for unexplained unsecured loan was not sustainable. The assessee provided account confirmation, bank passbook, and PAN card establishing creditor's identity. Bank passbook showed creditor's capacity through cleared cheque proceeds, not requiring income assessment. Non-filing of ITR by creditor was irrelevant per Metachem Industries precedent. Genuineness was established through banking channel transactions. Interest-free nature was confirmed by account confirmation. AO failed to conduct field enquiry despite assessee discharging primary burden. Addition deleted in favor of assessee. Case-Laws Income Tax Fri, 18 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445898