https://www.taxtmi.com/caselaws?id=450365 The ITAT Indore ruled on three issues: (1) For unexplained cash credit under Section 68 involving unsecured loans, the tribunal found sufficient evidence of lender's creditworthiness through bank statements and account confirmations, deleting the addition made by AO. (2) Regarding another loan from Shri Ajay Gupta, the tribunal accepted that funds originated from legitimate recovery from M/s Unitrade Service, treating the loan as explained. (3) For charity donation expenses claimed as business expenditure, the tribunal upheld AO's disallowance, finding no evidence that donations helped advertise the business. en-us Thu, 29 Feb 2024 00:00:00 +0530 Mon, 04 Mar 2024 09:15:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450365 The ITAT Indore ruled on three issues: (1) For unexplained cash credit under Section 68 involving unsecured loans, the tribunal found sufficient evidence of lender's creditworthiness through bank statements and account confirmations, deleting the addition made by AO. (2) Regarding another loan from Shri Ajay Gupta, the tribunal accepted that funds originated from legitimate recovery from M/s Unitrade Service, treating the loan as explained. (3) For charity donation expenses claimed as business expenditure, the tribunal upheld AO's disallowance, finding no evidence that donations helped advertise the business. Case-Laws Income Tax Thu, 29 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450365