https://www.taxtmi.com/caselaws?id=768825 ITAT Ahmedabad ruled in favor of the assessee regarding addition u/s 68 for unexplained loan transactions. The AO treated unsecured loans as non-genuine based on investigation reports showing creditors as shell companies and non-response to notices. However, ITAT held that the assessee discharged primary onus by establishing identity, genuineness and creditworthiness through cheque/RTGS transactions and maintaining good account balances. The tribunal noted that creditors' low income doesn't prevent them from advancing money, and since loans were repaid within 30-32 days through banking channels, no addition u/s 68 was warranted. en-us Fri, 11 Apr 2025 00:00:00 +0530 Mon, 14 Apr 2025 08:36:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768825 ITAT Ahmedabad ruled in favor of the assessee regarding addition u/s 68 for unexplained loan transactions. The AO treated unsecured loans as non-genuine based on investigation reports showing creditors as shell companies and non-response to notices. However, ITAT held that the assessee discharged primary onus by establishing identity, genuineness and creditworthiness through cheque/RTGS transactions and maintaining good account balances. The tribunal noted that creditors' low income doesn't prevent them from advancing money, and since loans were repaid within 30-32 days through banking channels, no addition u/s 68 was warranted. Case-Laws Income Tax Fri, 11 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768825