https://www.taxtmi.com/caselaws?id=447245 The ITAT Kolkata upheld the deletion of additions under section 68 regarding unsecured loans of Rs. 3,95,00,000 from eight parties. Despite lenders' non-appearance for summons, the assessee provided comprehensive documentation including PANs, bank statements, loan confirmations, and financial details. The lenders responded to section 133(6) notices confirming transactions. The tribunal held that non-appearance alone doesn't establish non-genuineness, citing Supreme Court precedents. Interest payments on loans were also allowed as deductible. The cessation of liability addition under section 41(1) was deleted since mere removal from MCA records doesn't absolve repayment liability. Revenue's appeal was dismissed. en-us Tue, 05 Dec 2023 00:00:00 +0530 Wed, 20 Dec 2023 17:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447245 The ITAT Kolkata upheld the deletion of additions under section 68 regarding unsecured loans of Rs. 3,95,00,000 from eight parties. Despite lenders' non-appearance for summons, the assessee provided comprehensive documentation including PANs, bank statements, loan confirmations, and financial details. The lenders responded to section 133(6) notices confirming transactions. The tribunal held that non-appearance alone doesn't establish non-genuineness, citing Supreme Court precedents. Interest payments on loans were also allowed as deductible. The cessation of liability addition under section 41(1) was deleted since mere removal from MCA records doesn't absolve repayment liability. Revenue's appeal was dismissed. Case-Laws Income Tax Tue, 05 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447245