https://www.taxtmi.com/caselaws?id=450834 ITAT Mumbai allowed the assessee's appeal, deleting additions under Section 69A for unsecured loans and interest expenditure disallowance. The tribunal held that bank statements showing sufficient credit balances and RTGS transfers, along with loan confirmations, established genuineness and creditworthiness of lenders. For interest disallowance, the tribunal found genuine outgoing payments reflected in audited accounts and bank statements for both secured/unsecured loans and bank overdrafts. The AO's reasoning regarding negative capital and business losses was deemed insufficient for disallowance without questioning payment genuineness or establishing non-business use of loans. en-us Tue, 12 Mar 2024 00:00:00 +0530 Thu, 14 Mar 2024 07:43:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450834 ITAT Mumbai allowed the assessee's appeal, deleting additions under Section 69A for unsecured loans and interest expenditure disallowance. The tribunal held that bank statements showing sufficient credit balances and RTGS transfers, along with loan confirmations, established genuineness and creditworthiness of lenders. For interest disallowance, the tribunal found genuine outgoing payments reflected in audited accounts and bank statements for both secured/unsecured loans and bank overdrafts. The AO's reasoning regarding negative capital and business losses was deemed insufficient for disallowance without questioning payment genuineness or establishing non-business use of loans. Case-Laws Income Tax Tue, 12 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450834