https://www.taxtmi.com/caselaws?id=759933 ITAT Kolkata dismissed Revenue's appeal challenging CIT(A)'s deletion of addition under Section 68 for unexplained unsecured loans and related interest disallowance. The assessee successfully discharged its primary onus by providing relevant details including PAN numbers and addresses of creditors, establishing identity, creditworthiness, and genuineness of transactions. The AO failed to conduct necessary enquiries under Section 133(6) despite having creditor details. Following Supreme Court precedent in Orissa Corporation case and Tribunal's earlier decision in assessee's own case, ITAT held that once assessee explains nature and source of loans with supporting evidence, addition under Section 68 becomes unjustified without proper investigation by AO. en-us Mon, 30 Sep 2024 00:00:00 +0530 Thu, 10 Oct 2024 08:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759933 ITAT Kolkata dismissed Revenue's appeal challenging CIT(A)'s deletion of addition under Section 68 for unexplained unsecured loans and related interest disallowance. The assessee successfully discharged its primary onus by providing relevant details including PAN numbers and addresses of creditors, establishing identity, creditworthiness, and genuineness of transactions. The AO failed to conduct necessary enquiries under Section 133(6) despite having creditor details. Following Supreme Court precedent in Orissa Corporation case and Tribunal's earlier decision in assessee's own case, ITAT held that once assessee explains nature and source of loans with supporting evidence, addition under Section 68 becomes unjustified without proper investigation by AO. Case-Laws Income Tax Mon, 30 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759933