https://www.taxtmi.com/caselaws?id=761646 ITAT Delhi dismissed revenue's appeal challenging CIT(A)'s deletion of addition under section 68 for unsecured loans treated as unexplained cash credits. The lending companies responded to notices under section 133(6), substantiated their financial capacity through audited accounts showing substantial interest earnings, and proved genuine business transactions. The assessee recorded loans in books, paid market-rate interest with proper TDS deduction, and repaid loans in subsequent years. CIT(A) correctly found these were real business transactions, not accommodation entries, as all transactions were properly documented without undisclosed cash credits involved. en-us Tue, 22 Oct 2024 00:00:00 +0530 Thu, 14 Nov 2024 08:26:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761646 ITAT Delhi dismissed revenue's appeal challenging CIT(A)'s deletion of addition under section 68 for unsecured loans treated as unexplained cash credits. The lending companies responded to notices under section 133(6), substantiated their financial capacity through audited accounts showing substantial interest earnings, and proved genuine business transactions. The assessee recorded loans in books, paid market-rate interest with proper TDS deduction, and repaid loans in subsequent years. CIT(A) correctly found these were real business transactions, not accommodation entries, as all transactions were properly documented without undisclosed cash credits involved. Case-Laws Income Tax Tue, 22 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761646