https://www.taxtmi.com/caselaws?id=755794 ITAT Kolkata allowed the assessee's appeal challenging reassessment proceedings under section 68 for unexplained cash credit of Rs. 15 lakh. The tribunal found that the assessee provided adequate documentary evidence including bank statements proving genuine unsecured loan from Fast Speed Realcon Pvt. Ltd., with all transactions conducted through banking channels and loan duly repaid by account payee cheque. The AO and CIT(A) wrongly rejected documents based on mere assumptions and statement of Mukesh Banka without establishing any connection between assessee and Banka. The tribunal held reopening notice under section 148 was invalid as it lacked proper basis beyond suspicion. en-us Fri, 28 Jun 2024 00:00:00 +0530 Fri, 19 Jul 2024 07:34:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755794 ITAT Kolkata allowed the assessee's appeal challenging reassessment proceedings under section 68 for unexplained cash credit of Rs. 15 lakh. The tribunal found that the assessee provided adequate documentary evidence including bank statements proving genuine unsecured loan from Fast Speed Realcon Pvt. Ltd., with all transactions conducted through banking channels and loan duly repaid by account payee cheque. The AO and CIT(A) wrongly rejected documents based on mere assumptions and statement of Mukesh Banka without establishing any connection between assessee and Banka. The tribunal held reopening notice under section 148 was invalid as it lacked proper basis beyond suspicion. Case-Laws Income Tax Fri, 28 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755794