https://www.taxtmi.com/caselaws?id=447868 ITAT Kolkata upheld CIT(A)'s deletion of addition under Section 68 for unsecured loans treated as unexplained cash credits. The assessee company properly reported loans in audited balance sheet, creditors had sufficient net worth and confirmed transactions, and loan repayments were verified through banking channels. AO's addition was based solely on a third party's statement recorded without confronting the assessee, with no incriminating material found during search. CIT(A) correctly found the addition unjustified. Revenue's appeal dismissed. en-us Thu, 14 Dec 2023 00:00:00 +0530 Sat, 06 Jan 2024 07:38:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447868 ITAT Kolkata upheld CIT(A)'s deletion of addition under Section 68 for unsecured loans treated as unexplained cash credits. The assessee company properly reported loans in audited balance sheet, creditors had sufficient net worth and confirmed transactions, and loan repayments were verified through banking channels. AO's addition was based solely on a third party's statement recorded without confronting the assessee, with no incriminating material found during search. CIT(A) correctly found the addition unjustified. Revenue's appeal dismissed. Case-Laws Income Tax Thu, 14 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447868