https://www.taxtmi.com/caselaws?id=760056 ITAT Chennai held that AO's addition of loans from two corporate entities as unexplained cash credit u/s 68 was improper. AO relied solely on third-party statements from DGIT investigation without conducting independent enquiries or providing cross-examination opportunity, violating natural justice principles. Assessee furnished adequate documentation including ledger confirmations, lenders' ITRs, balance sheets, and affidavits establishing identity, genuineness, and creditworthiness. CIT(A) properly exercised coterminous powers to examine evidence when AO failed to complete remand proceedings after six years. Assessee successfully discharged onus under section 68. Revenue's appeal dismissed. en-us Thu, 10 Oct 2024 00:00:00 +0530 Tue, 15 Oct 2024 08:39:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760056 ITAT Chennai held that AO's addition of loans from two corporate entities as unexplained cash credit u/s 68 was improper. AO relied solely on third-party statements from DGIT investigation without conducting independent enquiries or providing cross-examination opportunity, violating natural justice principles. Assessee furnished adequate documentation including ledger confirmations, lenders' ITRs, balance sheets, and affidavits establishing identity, genuineness, and creditworthiness. CIT(A) properly exercised coterminous powers to examine evidence when AO failed to complete remand proceedings after six years. Assessee successfully discharged onus under section 68. Revenue's appeal dismissed. Case-Laws Income Tax Thu, 10 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760056