https://www.taxtmi.com/caselaws?id=763746 ITAT Delhi ruled in favor of the assessee regarding alleged bogus unsecured loans. The tribunal found that loans were received through regular banking channels, reflected in lender's balance sheet, and confirmed by the lender company's director under oath before the AO. The lender responded to section 133(6) notices with requisite details. A search under section 132 revealed no incriminating evidence. The assessee maintained running accounts with the lender across multiple years, with loans accepted by revenue except for AY 2017-18. Source of lender's funds was adequately proved, negating section 68 addition. en-us Tue, 26 Nov 2024 00:00:00 +0530 Fri, 27 Dec 2024 09:00:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763746 ITAT Delhi ruled in favor of the assessee regarding alleged bogus unsecured loans. The tribunal found that loans were received through regular banking channels, reflected in lender's balance sheet, and confirmed by the lender company's director under oath before the AO. The lender responded to section 133(6) notices with requisite details. A search under section 132 revealed no incriminating evidence. The assessee maintained running accounts with the lender across multiple years, with loans accepted by revenue except for AY 2017-18. Source of lender's funds was adequately proved, negating section 68 addition. Case-Laws Income Tax Tue, 26 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763746