https://www.taxtmi.com/caselaws?id=447197 ITAT Mumbai confirmed CIT(A)'s deletion of unexplained cash credit addition under Section 68 regarding loans from nine companies connected to accommodation entry provider. Court held that assessee discharged initial burden by providing ledger confirmations, bank statements, and financial documents. AO failed to conduct necessary enquiries despite assessee's request and merely relied on suspicion without evidence. Court emphasized that identity, creditworthiness, and genuineness must be tested at time of credit entry. ITAT also upheld deletion of consequential interest disallowance and Section 14A disallowance where assessee's suo moto disallowance exceeded exempt income earned. en-us Mon, 18 Dec 2023 00:00:00 +0530 Wed, 20 Dec 2023 09:39:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447197 ITAT Mumbai confirmed CIT(A)'s deletion of unexplained cash credit addition under Section 68 regarding loans from nine companies connected to accommodation entry provider. Court held that assessee discharged initial burden by providing ledger confirmations, bank statements, and financial documents. AO failed to conduct necessary enquiries despite assessee's request and merely relied on suspicion without evidence. Court emphasized that identity, creditworthiness, and genuineness must be tested at time of credit entry. ITAT also upheld deletion of consequential interest disallowance and Section 14A disallowance where assessee's suo moto disallowance exceeded exempt income earned. Case-Laws Income Tax Mon, 18 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447197