https://www.taxtmi.com/caselaws?id=765271 The ITAT Mumbai ruled in favor of the assessee regarding unexplained cash credits under Section 68. The case involved loans from company directors that were not direct loans but payments made to 169 persons for property purchase on behalf of the company. The assessee provided detailed payment records and confirmations. The tribunal held that the onus to prove genuineness was discharged since the directors made payments for land purchase to start the company's project, and the company properly recorded these as liabilities. The addition made by the AO and confirmed by CIT(A) was deleted. en-us Wed, 18 Dec 2024 00:00:00 +0530 Wed, 29 Jan 2025 09:00:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765271 The ITAT Mumbai ruled in favor of the assessee regarding unexplained cash credits under Section 68. The case involved loans from company directors that were not direct loans but payments made to 169 persons for property purchase on behalf of the company. The assessee provided detailed payment records and confirmations. The tribunal held that the onus to prove genuineness was discharged since the directors made payments for land purchase to start the company's project, and the company properly recorded these as liabilities. The addition made by the AO and confirmed by CIT(A) was deleted. Case-Laws Income Tax Wed, 18 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765271