https://www.taxtmi.com/caselaws?id=448250 The ITAT Mumbai dismissed the Revenue's appeal regarding addition under section 68 for unexplained cash loan and interest income. The AO made additions based on third-party statements from Wadhwa group without providing supporting documents to the assessee. The tribunal held that extending cash loans from accumulated cash balance (from reduced household withdrawals) doesn't justify section 68 addition when no undisclosed income source was established. Following CIT v. Ashwani Gupta precedent, the AO's action violated natural justice principles. The CIT(A)'s deletion of the addition was upheld as justified. en-us Thu, 02 Nov 2023 00:00:00 +0530 Sat, 13 Jan 2024 14:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448250 The ITAT Mumbai dismissed the Revenue's appeal regarding addition under section 68 for unexplained cash loan and interest income. The AO made additions based on third-party statements from Wadhwa group without providing supporting documents to the assessee. The tribunal held that extending cash loans from accumulated cash balance (from reduced household withdrawals) doesn't justify section 68 addition when no undisclosed income source was established. Following CIT v. Ashwani Gupta precedent, the AO's action violated natural justice principles. The CIT(A)'s deletion of the addition was upheld as justified. Case-Laws Income Tax Thu, 02 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448250