https://www.taxtmi.com/caselaws?id=753040 ITAT Delhi held that Section 68 addition was not sustainable as assessee did not maintain books of accounts, making Section 68 inapplicable. The assessee received interest-free loans through normal banking channels and successfully established the lender's identity, creditworthiness, and transaction genuineness. The lender was an income tax assessee with audited balance sheets reflecting the loan, and tax audit reports showed no adverse comments. The tribunal found that source of source need not be proved for unsecured loans, and the transaction's genuineness was established through proper documentation. Appeal allowed. en-us Tue, 21 May 2024 00:00:00 +0530 Thu, 23 May 2024 08:37:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753040 ITAT Delhi held that Section 68 addition was not sustainable as assessee did not maintain books of accounts, making Section 68 inapplicable. The assessee received interest-free loans through normal banking channels and successfully established the lender's identity, creditworthiness, and transaction genuineness. The lender was an income tax assessee with audited balance sheets reflecting the loan, and tax audit reports showed no adverse comments. The tribunal found that source of source need not be proved for unsecured loans, and the transaction's genuineness was established through proper documentation. Appeal allowed. Case-Laws Income Tax Tue, 21 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753040