https://www.taxtmi.com/caselaws?id=448024 The ITAT Kolkata ruled in favor of the assessee regarding additions under Section 68 for unsecured loans from 12 entities treated as unexplained cash credits. The assessee provided comprehensive documentation including ITR acknowledgments, audited financial statements, bank statements, loan confirmations, and TDS details. Six lenders responded to notices with requisite details. The Tribunal held that since the assessee discharged its initial burden by establishing lender identity, creditworthiness, and transaction genuineness, and the AO failed to conduct further verification, the addition was unjustified. The ITAT directed deletion of the addition, setting aside the CIT(Appeals) order. en-us Tue, 02 Jan 2024 00:00:00 +0530 Mon, 04 Mar 2024 16:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448024 The ITAT Kolkata ruled in favor of the assessee regarding additions under Section 68 for unsecured loans from 12 entities treated as unexplained cash credits. The assessee provided comprehensive documentation including ITR acknowledgments, audited financial statements, bank statements, loan confirmations, and TDS details. Six lenders responded to notices with requisite details. The Tribunal held that since the assessee discharged its initial burden by establishing lender identity, creditworthiness, and transaction genuineness, and the AO failed to conduct further verification, the addition was unjustified. The ITAT directed deletion of the addition, setting aside the CIT(Appeals) order. Case-Laws Income Tax Tue, 02 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448024