https://www.taxtmi.com/caselaws?id=755057 The ITAT Delhi allowed the assessee's appeal and dismissed the revenue's appeal regarding additions under Section 68 for unsecured loans and capital introduction. The CIT(A) had confirmed additions from certain parties, but the AO failed to conduct proper inquiries. The assessee, operating a proprietary jewellery business, demonstrated that capital was introduced from sale of ornaments declared as taxable capital gains and past savings. The creditworthiness was established through proper documentation including cash books, sales/purchase bills, and loan confirmations. The tribunal found the CIT(A)'s deletion of Rs. 2,03,87,482/- justified, noting that no bill exceeded Rs. 2 lakhs during the festival season in October 2016. en-us Tue, 02 Jul 2024 00:00:00 +0530 Thu, 04 Jul 2024 15:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755057 The ITAT Delhi allowed the assessee's appeal and dismissed the revenue's appeal regarding additions under Section 68 for unsecured loans and capital introduction. The CIT(A) had confirmed additions from certain parties, but the AO failed to conduct proper inquiries. The assessee, operating a proprietary jewellery business, demonstrated that capital was introduced from sale of ornaments declared as taxable capital gains and past savings. The creditworthiness was established through proper documentation including cash books, sales/purchase bills, and loan confirmations. The tribunal found the CIT(A)'s deletion of Rs. 2,03,87,482/- justified, noting that no bill exceeded Rs. 2 lakhs during the festival season in October 2016. Case-Laws Income Tax Tue, 02 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755057