https://www.taxtmi.com/caselaws?id=767664 The ITAT Ahmedabad ruled on two Section 68 additions. For loans from friends and relatives, the tribunal found the assessee successfully established the identity, creditworthiness, and source of loan amounts from the brother through filed returns, confirmation letters, and business details. The addition was deleted as no violation under Section 69A was established. For unexplained cash deposits from foreign employment incentives, despite missing documentation like Angola tax returns and passport details, the tribunal noted the assessee provided employment letters and currency exchange details. Since the AO failed to conduct independent verification of the currency exchanger, the matter was remanded for fresh consideration. en-us Thu, 20 Mar 2025 00:00:00 +0530 Sat, 22 Mar 2025 08:34:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767664 The ITAT Ahmedabad ruled on two Section 68 additions. For loans from friends and relatives, the tribunal found the assessee successfully established the identity, creditworthiness, and source of loan amounts from the brother through filed returns, confirmation letters, and business details. The addition was deleted as no violation under Section 69A was established. For unexplained cash deposits from foreign employment incentives, despite missing documentation like Angola tax returns and passport details, the tribunal noted the assessee provided employment letters and currency exchange details. Since the AO failed to conduct independent verification of the currency exchanger, the matter was remanded for fresh consideration. Case-Laws Income Tax Thu, 20 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767664