https://www.taxtmi.com/caselaws?id=765045 ITAT Hyderabad ruled in favor of the assessee in two matters. First, regarding addition under Section 69A for unexplained money from an unsecured loan, the tribunal found the assessee provided sufficient evidence including the creditor's financial statements and reconciliation explaining differences between rough and final balance sheets. The AO and CIT(A) failed to appreciate relevant facts. Second, concerning Section 68 addition for partners' capital introduction in a Section 153A assessment, the tribunal held no additions could be made without incriminating material found during search, and the assessee successfully established identity, genuineness, and creditworthiness of contributing partners. en-us Thu, 12 Dec 2024 00:00:00 +0530 Fri, 24 Jan 2025 08:44:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765045 ITAT Hyderabad ruled in favor of the assessee in two matters. First, regarding addition under Section 69A for unexplained money from an unsecured loan, the tribunal found the assessee provided sufficient evidence including the creditor's financial statements and reconciliation explaining differences between rough and final balance sheets. The AO and CIT(A) failed to appreciate relevant facts. Second, concerning Section 68 addition for partners' capital introduction in a Section 153A assessment, the tribunal held no additions could be made without incriminating material found during search, and the assessee successfully established identity, genuineness, and creditworthiness of contributing partners. Case-Laws Income Tax Thu, 12 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765045