https://www.taxtmi.com/caselaws?id=458758 ITAT Mumbai allowed the appeal regarding reopening of assessment under section 147 and addition under section 68 for unsecured loans. The assessee had furnished complete details including lender information, repayment records, financial statements, confirmations, and bank statements. The AO ignored this evidence and relied solely on a third-party statement that was later retracted. The tribunal found the assessee had discharged the initial burden by satisfying all three ingredients of section 68. The addition was deleted as the loan transactions were genuine, supported by proper documentation, and repaid through banking channels. en-us Thu, 25 Jul 2024 00:00:00 +0530 Thu, 14 Nov 2024 19:06:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458758 ITAT Mumbai allowed the appeal regarding reopening of assessment under section 147 and addition under section 68 for unsecured loans. The assessee had furnished complete details including lender information, repayment records, financial statements, confirmations, and bank statements. The AO ignored this evidence and relied solely on a third-party statement that was later retracted. The tribunal found the assessee had discharged the initial burden by satisfying all three ingredients of section 68. The addition was deleted as the loan transactions were genuine, supported by proper documentation, and repaid through banking channels. Case-Laws Income Tax Thu, 25 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458758