https://www.taxtmi.com/caselaws?id=767445 ITAT Ahmedabad dismissed revenue's appeal challenging CIT(A)'s deletion of additions under section 68 for unsecured loans and sundry creditors. The tribunal upheld CIT(A)'s findings that loan transactions were genuine based on three remand reports and creditor details verification, with revenue failing to provide contrary evidence. Regarding sundry creditors for trading goods and capital purchases, the tribunal found no justification for disallowing legitimate business expenses after AO's satisfaction with furnished details. The tribunal also upheld deletion of estimated net profit addition under section 145A, noting AO improperly estimated gross profit without rejecting books of accounts when assessee's declared GP rate showed only 0.2% increase. en-us Fri, 07 Mar 2025 00:00:00 +0530 Tue, 18 Mar 2025 08:38:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767445 ITAT Ahmedabad dismissed revenue's appeal challenging CIT(A)'s deletion of additions under section 68 for unsecured loans and sundry creditors. The tribunal upheld CIT(A)'s findings that loan transactions were genuine based on three remand reports and creditor details verification, with revenue failing to provide contrary evidence. Regarding sundry creditors for trading goods and capital purchases, the tribunal found no justification for disallowing legitimate business expenses after AO's satisfaction with furnished details. The tribunal also upheld deletion of estimated net profit addition under section 145A, noting AO improperly estimated gross profit without rejecting books of accounts when assessee's declared GP rate showed only 0.2% increase. Case-Laws Income Tax Fri, 07 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767445