https://www.taxtmi.com/caselaws?id=751560 ITAT Mumbai dismissed revenue's appeal regarding bogus unsecured loans and share capital additions. The assessee successfully discharged burden under Section 68 by providing lenders' PAN details, ITR acknowledgments, and bank statements showing genuine transactions through banking channels. AO's addition was held invalid for failing to provide cross-examination opportunity to the statement maker, citing SC precedents in Andaman Timber Industries and Odeon Builders cases. Additionally, AO erroneously added Rs. 80 lakhs for share capital when only Rs. 50,000 was infused in the relevant assessment year. CIT(A)'s deletion of additions was upheld. en-us Fri, 22 Mar 2024 00:00:00 +0530 Fri, 19 Apr 2024 08:09:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751560 ITAT Mumbai dismissed revenue's appeal regarding bogus unsecured loans and share capital additions. The assessee successfully discharged burden under Section 68 by providing lenders' PAN details, ITR acknowledgments, and bank statements showing genuine transactions through banking channels. AO's addition was held invalid for failing to provide cross-examination opportunity to the statement maker, citing SC precedents in Andaman Timber Industries and Odeon Builders cases. Additionally, AO erroneously added Rs. 80 lakhs for share capital when only Rs. 50,000 was infused in the relevant assessment year. CIT(A)'s deletion of additions was upheld. Case-Laws Income Tax Fri, 22 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751560