https://www.taxtmi.com/caselaws?id=755485 The ITAT Bangalore ruled on additions under section 68 read with section 115BBE concerning unsecured loans treated as unaccounted cash credits. The tribunal found that the assessee had discharged the basic onus by providing standard details to establish transaction genuineness, including identity verification and adequate financial capacity of lenders through account payee cheques/RTGS. The AO failed to conduct proper inquiry, made additions without application of mind, and showed pre-judgment. The tribunal noted that all parties were long-term taxpayers with adequate resources. The matter was remitted to NFAC/CIT(A) for further enquiry, with the appeal partly allowed for statistical purposes. en-us Wed, 24 Jan 2024 00:00:00 +0530 Sat, 13 Jul 2024 08:21:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755485 The ITAT Bangalore ruled on additions under section 68 read with section 115BBE concerning unsecured loans treated as unaccounted cash credits. The tribunal found that the assessee had discharged the basic onus by providing standard details to establish transaction genuineness, including identity verification and adequate financial capacity of lenders through account payee cheques/RTGS. The AO failed to conduct proper inquiry, made additions without application of mind, and showed pre-judgment. The tribunal noted that all parties were long-term taxpayers with adequate resources. The matter was remitted to NFAC/CIT(A) for further enquiry, with the appeal partly allowed for statistical purposes. Case-Laws Income Tax Wed, 24 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755485