https://www.taxtmi.com/caselaws?id=753016 The ITAT Mumbai ruled in favor of the assessee regarding additions under Section 68 for unexplained cash credits. The tribunal held that additions can only be made for loans taken during the current assessment year, not for continuing loans from previous years already assessed. The assessee successfully demonstrated genuineness of transactions by providing relevant documents and repaying loans through banking channels. The AO's reliance solely on survey reports and creditworthiness analysis without considering documentary evidence was deemed improper. The tribunal directed deletion of the proposed additions and allowed the assessee's appeal. en-us Wed, 03 Jan 2024 00:00:00 +0530 Wed, 22 May 2024 19:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753016 The ITAT Mumbai ruled in favor of the assessee regarding additions under Section 68 for unexplained cash credits. The tribunal held that additions can only be made for loans taken during the current assessment year, not for continuing loans from previous years already assessed. The assessee successfully demonstrated genuineness of transactions by providing relevant documents and repaying loans through banking channels. The AO's reliance solely on survey reports and creditworthiness analysis without considering documentary evidence was deemed improper. The tribunal directed deletion of the proposed additions and allowed the assessee's appeal. Case-Laws Income Tax Wed, 03 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753016