https://www.taxtmi.com/highlights?id=82924 Section 68 addition deleted - Assessee discharged onus to explain identity, creditworthiness of loan creditors and genuineness of transactions by providing voluminous evidence. Loans received were repaid during the year or subsequent year. Non-payment of interest alone cannot justify addition u/s 68. Section 14A disallowance deleted - Investments made from own funds and non-interest borrowings, following Supreme Court and High Court precedents. Interest disallowance on advances deleted - Advances given from own funds and non-interest borrowings, relying on High Court judgment. Write-off of advance on project abandonment allowed as business expenditure based on High Court decision. Revenue appeal dismissed by ITAT. en-us Fri, 08 Nov 2024 19:58:06 +0530 Fri, 08 Nov 2024 19:58:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=82924 Section 68 addition deleted - Assessee discharged onus to explain identity, creditworthiness of loan creditors and genuineness of transactions by providing voluminous evidence. Loans received were repaid during the year or subsequent year. Non-payment of interest alone cannot justify addition u/s 68. Section 14A disallowance deleted - Investments made from own funds and non-interest borrowings, following Supreme Court and High Court precedents. Interest disallowance on advances deleted - Advances given from own funds and non-interest borrowings, relying on High Court judgment. Write-off of advance on project abandonment allowed as business expenditure based on High Court decision. Revenue appeal dismissed by ITAT. Highlights Income Tax Fri, 08 Nov 2024 19:58:06 +0530 https://www.taxtmi.com/highlights?id=82924