https://www.taxtmi.com/caselaws?id=763232 ITAT Mumbai ruled in favor of the assessee regarding addition under Section 68 for alleged accommodation entry loans. The AO added the loan amount as unexplained credit based on statements from accommodation entry providers during search operations. The tribunal found that the lender's identity, creditworthiness, and genuineness were established through complete documentation including PAN, bank statements, and loan repayments in subsequent years. The tribunal emphasized that denial of cross-examination violated natural justice principles, citing Andaman Timber Industries SC precedent. Since the accommodation entry allegations were unproven and procedural fairness was denied, the addition was deleted. en-us Tue, 26 Nov 2024 00:00:00 +0530 Sat, 14 Dec 2024 11:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763232 ITAT Mumbai ruled in favor of the assessee regarding addition under Section 68 for alleged accommodation entry loans. The AO added the loan amount as unexplained credit based on statements from accommodation entry providers during search operations. The tribunal found that the lender's identity, creditworthiness, and genuineness were established through complete documentation including PAN, bank statements, and loan repayments in subsequent years. The tribunal emphasized that denial of cross-examination violated natural justice principles, citing Andaman Timber Industries SC precedent. Since the accommodation entry allegations were unproven and procedural fairness was denied, the addition was deleted. Case-Laws Income Tax Tue, 26 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763232