https://www.taxtmi.com/caselaws?id=768935 ITAT Mumbai sustained additions u/s 68 regarding bogus loans from two entities, finding the assessee failed to prove creditworthiness of lenders. The assessee, having nil revenue and insufficient bank balance, merely transferred received amounts to other entities without genuine financial capacity. The tribunal held that recording transactions in books without financial substance constitutes empty formality, and banking channels alone don't establish genuineness. Addition u/s 69 for payment to another developer was also upheld due to lack of proper loan confirmation and financial capacity. en-us Fri, 21 Mar 2025 00:00:00 +0530 Wed, 16 Apr 2025 08:38:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768935 ITAT Mumbai sustained additions u/s 68 regarding bogus loans from two entities, finding the assessee failed to prove creditworthiness of lenders. The assessee, having nil revenue and insufficient bank balance, merely transferred received amounts to other entities without genuine financial capacity. The tribunal held that recording transactions in books without financial substance constitutes empty formality, and banking channels alone don't establish genuineness. Addition u/s 69 for payment to another developer was also upheld due to lack of proper loan confirmation and financial capacity. Case-Laws Income Tax Fri, 21 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768935