https://www.taxtmi.com/caselaws?id=761579 The ITAT Mumbai dismissed the Revenue's appeal regarding addition of unsecured loans and interest payments. The assessee provided ledger accounts, bank statements, creditor returns, and audited financial statements showing loan sources. The AO conducted enquiries under section 133(6), with creditors confirming transactions and appearing for statements. Two parties personally appeared and admitted giving loans on oath, explaining their business operations and fund sources. The AO's additions were based solely on an investigation report regarding Bhanwarlal Jain, without specific evidence linking the assessee to accommodation entries. Since the assessee discharged the onus of proving loan genuineness and creditworthiness, and no adverse findings emerged from the AO's own enquiry, both loan additions and interest disallowances were deleted. en-us Mon, 14 Oct 2024 00:00:00 +0530 Wed, 13 Nov 2024 08:53:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761579 The ITAT Mumbai dismissed the Revenue's appeal regarding addition of unsecured loans and interest payments. The assessee provided ledger accounts, bank statements, creditor returns, and audited financial statements showing loan sources. The AO conducted enquiries under section 133(6), with creditors confirming transactions and appearing for statements. Two parties personally appeared and admitted giving loans on oath, explaining their business operations and fund sources. The AO's additions were based solely on an investigation report regarding Bhanwarlal Jain, without specific evidence linking the assessee to accommodation entries. Since the assessee discharged the onus of proving loan genuineness and creditworthiness, and no adverse findings emerged from the AO's own enquiry, both loan additions and interest disallowances were deleted. Case-Laws Income Tax Mon, 14 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761579