https://www.taxtmi.com/caselaws?id=450743 The ITAT Mumbai held that additions under Section 68 for unexplained cash credits can only be made in the year when such credits are received, not in subsequent years for opening balances from earlier periods. For loans taken during the assessment year, the assessee provided adequate documentation including PAN details, bank statements, confirmations, and evidence of repayment through banking channels. The AO failed to record adverse findings against the documentary evidence submitted and could not establish lack of identity, creditworthiness, or genuineness of transactions. The ITAT directed deletion of additions made towards outstanding loan balances and interest, allowing the assessee's appeal. en-us Thu, 07 Mar 2024 00:00:00 +0530 Tue, 12 Mar 2024 08:55:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450743 The ITAT Mumbai held that additions under Section 68 for unexplained cash credits can only be made in the year when such credits are received, not in subsequent years for opening balances from earlier periods. For loans taken during the assessment year, the assessee provided adequate documentation including PAN details, bank statements, confirmations, and evidence of repayment through banking channels. The AO failed to record adverse findings against the documentary evidence submitted and could not establish lack of identity, creditworthiness, or genuineness of transactions. The ITAT directed deletion of additions made towards outstanding loan balances and interest, allowing the assessee's appeal. Case-Laws Income Tax Thu, 07 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450743