https://www.taxtmi.com/caselaws?id=757473 ITAT Mumbai upheld CIT(A)'s deletion of additions under sections 68 and 69C regarding unsecured loans. The assessee provided adequate documentary evidence including PAN, bank statements, and ITR details proving lenders' identity and creditworthiness. Revenue failed to produce contrary material despite opportunities. The tribunal also confirmed deletion of section 14A disallowance as no exempt income was received during the year, only capital gains from investments. Following judicial precedents, section 14A applies only when exempt income is earned. The Finance Act 2022 amendment to section 14A was held prospective, applicable from AY 2022-23 onwards. en-us Thu, 22 Aug 2024 00:00:00 +0530 Tue, 27 Aug 2024 08:18:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757473 ITAT Mumbai upheld CIT(A)'s deletion of additions under sections 68 and 69C regarding unsecured loans. The assessee provided adequate documentary evidence including PAN, bank statements, and ITR details proving lenders' identity and creditworthiness. Revenue failed to produce contrary material despite opportunities. The tribunal also confirmed deletion of section 14A disallowance as no exempt income was received during the year, only capital gains from investments. Following judicial precedents, section 14A applies only when exempt income is earned. The Finance Act 2022 amendment to section 14A was held prospective, applicable from AY 2022-23 onwards. Case-Laws Income Tax Thu, 22 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757473