https://www.taxtmi.com/caselaws?id=457180 ITAT Surat ruled in favor of the assessee regarding unexplained share capital and unsecured loans. The tribunal held that since disputed loans were repaid in subsequent years and the department accepted such repayments, no addition should be made. The assessee successfully discharged the onus by establishing creditor identity, genuineness, and creditworthiness through PAN numbers, addresses, IT returns, audited statements, and banking channel transactions. For share capital, the tribunal found no evidence of money laundering and noted that share applicants were IT assessees with substantial creditworthiness, making transactions through account payee cheques. en-us Mon, 17 Apr 2023 00:00:00 +0530 Mon, 09 Sep 2024 11:33:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457180 ITAT Surat ruled in favor of the assessee regarding unexplained share capital and unsecured loans. The tribunal held that since disputed loans were repaid in subsequent years and the department accepted such repayments, no addition should be made. The assessee successfully discharged the onus by establishing creditor identity, genuineness, and creditworthiness through PAN numbers, addresses, IT returns, audited statements, and banking channel transactions. For share capital, the tribunal found no evidence of money laundering and noted that share applicants were IT assessees with substantial creditworthiness, making transactions through account payee cheques. Case-Laws Income Tax Mon, 17 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457180