https://www.taxtmi.com/caselaws?id=753542 The ITAT Surat allowed the assessee's appeal against addition under Section 68 for unexplained cash credit regarding unsecured loan receipts. Despite the assessee failing to prove identity, creditworthiness and genuineness of transactions initially, the tribunal found that complete repayment details through banking channels were provided and verified. The revenue did not controvert these repayments. Following precedents from Gujarat HC in Ayachi Chandrashekhar Narsangji and Amber Tradecorp cases, the tribunal held that where loan repayment is accepted by the department in subsequent years, no addition under Section 68 can be made in the current year. The CIT(A)'s confirmation of the addition was deemed unjustified. en-us Fri, 31 May 2024 00:00:00 +0530 Wed, 05 Jun 2024 08:16:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753542 The ITAT Surat allowed the assessee's appeal against addition under Section 68 for unexplained cash credit regarding unsecured loan receipts. Despite the assessee failing to prove identity, creditworthiness and genuineness of transactions initially, the tribunal found that complete repayment details through banking channels were provided and verified. The revenue did not controvert these repayments. Following precedents from Gujarat HC in Ayachi Chandrashekhar Narsangji and Amber Tradecorp cases, the tribunal held that where loan repayment is accepted by the department in subsequent years, no addition under Section 68 can be made in the current year. The CIT(A)'s confirmation of the addition was deemed unjustified. Case-Laws Income Tax Fri, 31 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753542