https://www.taxtmi.com/caselaws?id=458591 The ITAT Mumbai allowed the assessee's appeal against addition under Section 68 of the Income Tax Act. The assessee had provided comprehensive documentation including audited financial statements, bank statements, confirmations, and repayment details to establish the identity, genuineness, and creditworthiness of loan creditors. The tribunal found that the assessee discharged its burden by submitting evidence showing the lender company had sufficient funds (Rs. 23 crores opening balance) before granting the unsecured loan of Rs. 20 crores through banking channels. The AO failed to conduct further enquiries despite adequate documentation and overlooked that the loan was repaid through banking channels in subsequent years without dispute. The tribunal directed deletion of the addition. en-us Tue, 23 Jul 2024 00:00:00 +0530 Thu, 07 Nov 2024 19:59:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458591 The ITAT Mumbai allowed the assessee's appeal against addition under Section 68 of the Income Tax Act. The assessee had provided comprehensive documentation including audited financial statements, bank statements, confirmations, and repayment details to establish the identity, genuineness, and creditworthiness of loan creditors. The tribunal found that the assessee discharged its burden by submitting evidence showing the lender company had sufficient funds (Rs. 23 crores opening balance) before granting the unsecured loan of Rs. 20 crores through banking channels. The AO failed to conduct further enquiries despite adequate documentation and overlooked that the loan was repaid through banking channels in subsequent years without dispute. The tribunal directed deletion of the addition. Case-Laws Income Tax Tue, 23 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458591