https://www.taxtmi.com/caselaws?id=756976 ITAT Ahmedabad dismissed Revenue's appeal challenging deletion of additions under sections 68 and 69C. The assessee provided substantial evidence including confirmations, ID proofs, bank statements, and tax returns to establish identity, genuineness, and creditworthiness of loan creditors. AO's conclusions were based on assumptions without concrete contradictory evidence. Subsequent loan repayments accepted by department further supported genuineness. Following judicial precedent, ITAT upheld CIT(A)'s order deleting the additions for unexplained cash credits and interest disallowance. en-us Thu, 01 Aug 2024 00:00:00 +0530 Mon, 12 Aug 2024 17:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756976 ITAT Ahmedabad dismissed Revenue's appeal challenging deletion of additions under sections 68 and 69C. The assessee provided substantial evidence including confirmations, ID proofs, bank statements, and tax returns to establish identity, genuineness, and creditworthiness of loan creditors. AO's conclusions were based on assumptions without concrete contradictory evidence. Subsequent loan repayments accepted by department further supported genuineness. Following judicial precedent, ITAT upheld CIT(A)'s order deleting the additions for unexplained cash credits and interest disallowance. Case-Laws Income Tax Thu, 01 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756976