https://www.taxtmi.com/caselaws?id=445956 The ITAT Delhi ruled in favor of the assessee on unsecured loans, finding sufficient evidence through banking channels, audited financial statements, and loan confirmations to establish lenders' creditworthiness and transaction genuineness. The addition was deleted. For unexplained sundry creditors, the matter was remanded to AO for fresh consideration citing violation of natural justice. Bogus salary payments were allowed after the assessee provided employee Aadhaar cards and salary details. However, the 1/10th disallowance of various expenses was upheld as reasonable given insufficient evidence of genuineness. en-us Thu, 24 Aug 2023 00:00:00 +0530 Thu, 23 Nov 2023 07:35:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445956 The ITAT Delhi ruled in favor of the assessee on unsecured loans, finding sufficient evidence through banking channels, audited financial statements, and loan confirmations to establish lenders' creditworthiness and transaction genuineness. The addition was deleted. For unexplained sundry creditors, the matter was remanded to AO for fresh consideration citing violation of natural justice. Bogus salary payments were allowed after the assessee provided employee Aadhaar cards and salary details. However, the 1/10th disallowance of various expenses was upheld as reasonable given insufficient evidence of genuineness. Case-Laws Income Tax Thu, 24 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445956