https://www.taxtmi.com/caselaws?id=761643 ITAT Mumbai ruled in favor of the assessee regarding additions under Section 68 for unsecured loans and interest disallowance. The AO made additions based solely on third-party statements while ignoring bank statements, audited financial statements, confirmations, and loan repayment evidence provided by the assessee. The tribunal found that the assessee satisfied all three ingredients of Section 68 by furnishing complete details, creditor confirmations, and bank statements showing subsequent loan repayments through banking channels. The AO failed to conduct proper enquiries despite the assessee discharging the initial burden of proof. The tribunal set aside the CIT(A) order and directed deletion of the additions. en-us Thu, 17 Oct 2024 00:00:00 +0530 Thu, 14 Nov 2024 08:26:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761643 ITAT Mumbai ruled in favor of the assessee regarding additions under Section 68 for unsecured loans and interest disallowance. The AO made additions based solely on third-party statements while ignoring bank statements, audited financial statements, confirmations, and loan repayment evidence provided by the assessee. The tribunal found that the assessee satisfied all three ingredients of Section 68 by furnishing complete details, creditor confirmations, and bank statements showing subsequent loan repayments through banking channels. The AO failed to conduct proper enquiries despite the assessee discharging the initial burden of proof. The tribunal set aside the CIT(A) order and directed deletion of the additions. Case-Laws Income Tax Thu, 17 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761643