https://www.taxtmi.com/caselaws?id=752038 ITAT Mumbai ruled in favor of the assessee regarding addition under section 69A for alleged unexplained cash loans. The AO failed to establish any specific link between seized materials and the assessee's involvement in cash loans to a third party. The AO provided no concrete evidence beyond decoded entries and made no adverse findings regarding the assessee's audited financial statements. The CIT(A) merely confirmed the addition without examining the merits. The addition was held unsustainable due to lack of incriminating evidence. en-us Mon, 29 Apr 2024 00:00:00 +0530 Thu, 02 May 2024 08:22:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752038 ITAT Mumbai ruled in favor of the assessee regarding addition under section 69A for alleged unexplained cash loans. The AO failed to establish any specific link between seized materials and the assessee's involvement in cash loans to a third party. The AO provided no concrete evidence beyond decoded entries and made no adverse findings regarding the assessee's audited financial statements. The CIT(A) merely confirmed the addition without examining the merits. The addition was held unsustainable due to lack of incriminating evidence. Case-Laws Income Tax Mon, 29 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752038