https://www.taxtmi.com/caselaws?id=762795 ITAT Nagpur dismissed assessee's appeal regarding addition under section 68 for unexplained cash credits, upholding CIT(A)'s decision due to inadequate documentation and failure to establish creditworthiness of lenders. However, ITAT allowed assessee's ground on interest disallowance under section 57, finding commercial expediency in advancing funds to related concerns. The tribunal also remanded the matter back to AO for verification of loan repayments, noting AO's insufficient inquiry into only 10 out of 43 lenders without issuing summons or checking income tax database. en-us Mon, 18 Nov 2024 00:00:00 +0530 Fri, 06 Dec 2024 14:28:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762795 ITAT Nagpur dismissed assessee's appeal regarding addition under section 68 for unexplained cash credits, upholding CIT(A)'s decision due to inadequate documentation and failure to establish creditworthiness of lenders. However, ITAT allowed assessee's ground on interest disallowance under section 57, finding commercial expediency in advancing funds to related concerns. The tribunal also remanded the matter back to AO for verification of loan repayments, noting AO's insufficient inquiry into only 10 out of 43 lenders without issuing summons or checking income tax database. Case-Laws Income Tax Mon, 18 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762795