https://www.taxtmi.com/caselaws?id=762459 ITAT Nagpur allowed the appeal and deleted additions made under section 68 and interest disallowance. The assessee had obtained a loan from a company and provided comprehensive documentation including lender's confirmation, financial statements, PAN details, TDS certificates, and bank statements showing repayment through proper banking channels. The tribunal held that the assessee discharged its onus to explain the credit with proper legal evidence. General statements recorded by Investigation Wing were deemed irrelevant to the specific loan transaction. The interest payment disallowance was also deleted as the loan was genuine and used for business purposes. en-us Thu, 28 Nov 2024 00:00:00 +0530 Sat, 30 Nov 2024 13:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762459 ITAT Nagpur allowed the appeal and deleted additions made under section 68 and interest disallowance. The assessee had obtained a loan from a company and provided comprehensive documentation including lender's confirmation, financial statements, PAN details, TDS certificates, and bank statements showing repayment through proper banking channels. The tribunal held that the assessee discharged its onus to explain the credit with proper legal evidence. General statements recorded by Investigation Wing were deemed irrelevant to the specific loan transaction. The interest payment disallowance was also deleted as the loan was genuine and used for business purposes. Case-Laws Income Tax Thu, 28 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762459