https://www.taxtmi.com/caselaws?id=771674 The ITAT Kolkata dismissed the revenue's appeal in a case involving disallowance under section 14A read with Rule 8D and addition under section 68. The tribunal upheld CIT(A)'s decision that section 14A disallowance was unjustified as the assessee earned no exempt income during the relevant year, and the loan transaction with a group concern had been previously accepted. Regarding the unexplained cash credit addition, the tribunal found that the assessee successfully established the lender's identity through PAN card and ITR copies, proved creditworthiness via audited financial statements, and demonstrated transaction genuineness through banking channels. The loan from the sister concern was repaid through proper banking channels during the assessment year. en-us Thu, 03 Apr 2025 00:00:00 +0530 Thu, 29 May 2025 08:41:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771674 The ITAT Kolkata dismissed the revenue's appeal in a case involving disallowance under section 14A read with Rule 8D and addition under section 68. The tribunal upheld CIT(A)'s decision that section 14A disallowance was unjustified as the assessee earned no exempt income during the relevant year, and the loan transaction with a group concern had been previously accepted. Regarding the unexplained cash credit addition, the tribunal found that the assessee successfully established the lender's identity through PAN card and ITR copies, proved creditworthiness via audited financial statements, and demonstrated transaction genuineness through banking channels. The loan from the sister concern was repaid through proper banking channels during the assessment year. Case-Laws Income Tax Thu, 03 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771674