https://www.taxtmi.com/caselaws?id=761444 ITAT Mumbai upheld CIT(A)'s deletion of addition u/s 68 regarding loan transactions, finding assessee discharged onus of proving lenders' identity, creditworthiness, and transaction genuineness through PAN, ITR acknowledgements, and s.133(6) compliance. Revenue's signature mismatch allegation was deemed insubstantial given supporting bank statements and loan repayment in same year. For business expenses, ITAT confirmed deletion of 10% disallowance on transport/hiring charges due to AO's failure to examine parties despite available PAN details. However, upheld CIT(A)'s 2% disallowance on wage/labour charges as assessee failed providing adequate payment records despite being registered MCGM contractor. en-us Thu, 07 Nov 2024 00:00:00 +0530 Mon, 11 Nov 2024 08:42:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761444 ITAT Mumbai upheld CIT(A)'s deletion of addition u/s 68 regarding loan transactions, finding assessee discharged onus of proving lenders' identity, creditworthiness, and transaction genuineness through PAN, ITR acknowledgements, and s.133(6) compliance. Revenue's signature mismatch allegation was deemed insubstantial given supporting bank statements and loan repayment in same year. For business expenses, ITAT confirmed deletion of 10% disallowance on transport/hiring charges due to AO's failure to examine parties despite available PAN details. However, upheld CIT(A)'s 2% disallowance on wage/labour charges as assessee failed providing adequate payment records despite being registered MCGM contractor. Case-Laws Income Tax Thu, 07 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761444