https://www.taxtmi.com/caselaws?id=752730 ITAT Mumbai ruled in favor of the assessee regarding unexplained cash credit under Section 68. The AO failed to disprove the genuineness of unsecured loans despite lenders' statements under Section 136(6) confirming they provided loans from legitimate sources including professional income, salary, and savings. The assessee submitted necessary documents proving transaction genuineness, lender identity, and creditworthiness. The AO conducted no investigation or inquiry to contradict the evidence presented. The tribunal held that Section 68 additions cannot be made when proper documentation establishes loan authenticity without contrary material evidence from the revenue department. en-us Tue, 14 May 2024 00:00:00 +0530 Thu, 16 May 2024 08:26:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752730 ITAT Mumbai ruled in favor of the assessee regarding unexplained cash credit under Section 68. The AO failed to disprove the genuineness of unsecured loans despite lenders' statements under Section 136(6) confirming they provided loans from legitimate sources including professional income, salary, and savings. The assessee submitted necessary documents proving transaction genuineness, lender identity, and creditworthiness. The AO conducted no investigation or inquiry to contradict the evidence presented. The tribunal held that Section 68 additions cannot be made when proper documentation establishes loan authenticity without contrary material evidence from the revenue department. Case-Laws Income Tax Tue, 14 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752730