https://www.taxtmi.com/caselaws?id=762923 ITAT Delhi upheld CIT(A)'s decision deleting additions under section 68 for long-term borrowings from related parties. The assessee successfully established identity, creditworthiness and genuineness of transactions through confirmations under section 133(6), bank statements, income tax returns, and balance sheets. All transactions were routed through banking channels with proper documentation. However, addition of Rs. 1 crore from one company was sustained due to non-response during remand proceedings and lack of supporting documents. Revenue's appeal was dismissed. en-us Fri, 06 Dec 2024 00:00:00 +0530 Tue, 10 Dec 2024 08:58:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762923 ITAT Delhi upheld CIT(A)'s decision deleting additions under section 68 for long-term borrowings from related parties. The assessee successfully established identity, creditworthiness and genuineness of transactions through confirmations under section 133(6), bank statements, income tax returns, and balance sheets. All transactions were routed through banking channels with proper documentation. However, addition of Rs. 1 crore from one company was sustained due to non-response during remand proceedings and lack of supporting documents. Revenue's appeal was dismissed. Case-Laws Income Tax Fri, 06 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762923