https://www.taxtmi.com/caselaws?id=763804 ITAT Delhi allowed the assessee's appeal against additions under sections 68 and 69C for unexplained cash credit and expenditure. The tribunal held that receipt of money as loan repayment from M/s. Shalini Holdings Ltd. cannot be treated as unexplained cash credit, as no requirement exists to prove creditworthiness of borrower making repayment of existing obligation. The AO failed to provide cross-examination opportunity regarding searched person's statement and made no adverse findings in borrower's assessment. The additions were deleted as legally unsustainable. en-us Thu, 12 Dec 2024 00:00:00 +0530 Fri, 27 Dec 2024 16:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763804 ITAT Delhi allowed the assessee's appeal against additions under sections 68 and 69C for unexplained cash credit and expenditure. The tribunal held that receipt of money as loan repayment from M/s. Shalini Holdings Ltd. cannot be treated as unexplained cash credit, as no requirement exists to prove creditworthiness of borrower making repayment of existing obligation. The AO failed to provide cross-examination opportunity regarding searched person's statement and made no adverse findings in borrower's assessment. The additions were deleted as legally unsustainable. Case-Laws Income Tax Thu, 12 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763804