https://www.taxtmi.com/caselaws?id=458755 ITAT Mumbai held that addition u/s 68 for unexplained cash credit was unjustified. The assessee had taken loans in FY 2010-11 which continued in the assessment year. Despite providing loan confirmations, income tax returns acknowledgments, bank statements, and TDS deductions on interest payments, AO rejected the claim based on a third party's statement without allowing cross-examination. The assessee discharged its primary onus by establishing creditor identity and genuineness of transactions. Since no actual cash credit occurred during the year under consideration and mere suspicion cannot justify additions, the appeal was allowed. en-us Fri, 28 Jul 2023 00:00:00 +0530 Wed, 13 Nov 2024 18:20:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458755 ITAT Mumbai held that addition u/s 68 for unexplained cash credit was unjustified. The assessee had taken loans in FY 2010-11 which continued in the assessment year. Despite providing loan confirmations, income tax returns acknowledgments, bank statements, and TDS deductions on interest payments, AO rejected the claim based on a third party's statement without allowing cross-examination. The assessee discharged its primary onus by establishing creditor identity and genuineness of transactions. Since no actual cash credit occurred during the year under consideration and mere suspicion cannot justify additions, the appeal was allowed. Case-Laws Income Tax Fri, 28 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458755