https://www.taxtmi.com/caselaws?id=314168 ITAT Mumbai allowed the assessee's appeal against addition u/s 68 for alleged bogus loan transaction. Despite AO's suspicion due to no interest payment, the tribunal found the loan genuine based on bank statements showing loan receipt through banking channels, repayment via cheque in the succeeding assessment year, creditor's confirmation, and retraction of adverse statement made during search. The tribunal held that once loan repayment is established, the addition cannot be sustained, consequently quashing the impugned order. en-us Fri, 08 Oct 2021 00:00:00 +0530 Wed, 22 May 2024 06:54:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314168 ITAT Mumbai allowed the assessee's appeal against addition u/s 68 for alleged bogus loan transaction. Despite AO's suspicion due to no interest payment, the tribunal found the loan genuine based on bank statements showing loan receipt through banking channels, repayment via cheque in the succeeding assessment year, creditor's confirmation, and retraction of adverse statement made during search. The tribunal held that once loan repayment is established, the addition cannot be sustained, consequently quashing the impugned order. Case-Laws Income Tax Fri, 08 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314168