https://www.taxtmi.com/caselaws?id=450046 ITAT Surat ruled against revenue regarding unsecured loans under section 68, holding that when assessee provided complete creditor details including PAN, addresses, confirmations, and bank statements with transactions through banking channels, no addition should be made. Opening balances from previous years cannot be disallowed in current assessment year. For bogus purchases, tribunal held complete disallowance unjustified when payments made through banking channels, directing AO to restrict addition to 6% of Rs. 1.01 crore representing profit element only, considering trading business nature and profit margins. en-us Thu, 22 Feb 2024 00:00:00 +0530 Sat, 24 Feb 2024 13:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450046 ITAT Surat ruled against revenue regarding unsecured loans under section 68, holding that when assessee provided complete creditor details including PAN, addresses, confirmations, and bank statements with transactions through banking channels, no addition should be made. Opening balances from previous years cannot be disallowed in current assessment year. For bogus purchases, tribunal held complete disallowance unjustified when payments made through banking channels, directing AO to restrict addition to 6% of Rs. 1.01 crore representing profit element only, considering trading business nature and profit margins. Case-Laws Income Tax Thu, 22 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450046