https://www.taxtmi.com/caselaws?id=446049 The ITAT Surat ruled in favor of the assessee regarding addition under section 68 for alleged bogus unsecured loans. The AO relied solely on investigation wing reports and statements without providing these materials to the assessee despite requests. The assessee furnished comprehensive documentation including lender confirmations, bank statements, and audit reports, which the AO failed to examine. Crucially, the assessee demonstrated loan repayment in subsequent years through bank statements. Following precedent, the tribunal held that repayment in subsequent years negates section 68 additions, deleting the contested addition. en-us Mon, 20 Nov 2023 00:00:00 +0530 Thu, 23 Nov 2023 13:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446049 The ITAT Surat ruled in favor of the assessee regarding addition under section 68 for alleged bogus unsecured loans. The AO relied solely on investigation wing reports and statements without providing these materials to the assessee despite requests. The assessee furnished comprehensive documentation including lender confirmations, bank statements, and audit reports, which the AO failed to examine. Crucially, the assessee demonstrated loan repayment in subsequent years through bank statements. Following precedent, the tribunal held that repayment in subsequent years negates section 68 additions, deleting the contested addition. Case-Laws Income Tax Mon, 20 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446049