https://www.taxtmi.com/caselaws?id=767013 ITAT Mumbai held in favor of the assessee on multiple issues. The addition under Section 68 for unsecured loan was deleted as the assessee proved identity and creditworthiness of the lender, who was a 50% shareholder, making the transaction genuine. The deduction under Section 35(2AB) was allowed for R&D expenditure incurred from April 1, 2019, despite the DSIR approval date being later, since the facility was already approved. The matter was remanded to AO for proper verification and allowance of the deduction. en-us Thu, 24 Oct 2024 00:00:00 +0530 Mon, 09 Jun 2025 14:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767013 ITAT Mumbai held in favor of the assessee on multiple issues. The addition under Section 68 for unsecured loan was deleted as the assessee proved identity and creditworthiness of the lender, who was a 50% shareholder, making the transaction genuine. The deduction under Section 35(2AB) was allowed for R&D expenditure incurred from April 1, 2019, despite the DSIR approval date being later, since the facility was already approved. The matter was remanded to AO for proper verification and allowance of the deduction. Case-Laws Income Tax Thu, 24 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767013