https://www.taxtmi.com/caselaws?id=770437 ITAT Pune allowed the assessee's appeal against additions under Section 68 for unproved loans. The Tribunal found that the assessee successfully discharged the primary onus by establishing the identity, creditworthiness, and genuineness of transactions with both creditors. For the first creditor, regular transactions, opening balance, and the assessee's shareholding demonstrated genuine business relationship. For the second creditor, the Tribunal noted regular tax assessments, scrutiny proceedings, and previous favorable Tribunal decisions. The AO's invocation of Section 68 was deemed erroneous as all three conditions were satisfactorily proved through supporting documents including returns, balance sheets, and bank statements. en-us Thu, 08 May 2025 00:00:00 +0530 Sat, 10 May 2025 08:36:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770437 ITAT Pune allowed the assessee's appeal against additions under Section 68 for unproved loans. The Tribunal found that the assessee successfully discharged the primary onus by establishing the identity, creditworthiness, and genuineness of transactions with both creditors. For the first creditor, regular transactions, opening balance, and the assessee's shareholding demonstrated genuine business relationship. For the second creditor, the Tribunal noted regular tax assessments, scrutiny proceedings, and previous favorable Tribunal decisions. The AO's invocation of Section 68 was deemed erroneous as all three conditions were satisfactorily proved through supporting documents including returns, balance sheets, and bank statements. Case-Laws Income Tax Thu, 08 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770437