https://www.taxtmi.com/caselaws?id=771874 ITAT Ahmedabad remanded a case involving unexplained cash credit under Section 68 regarding unsecured loans from two parties. The tribunal found that the bank statement of the lender was never submitted during proceedings, yet CIT(A) made adverse inferences about transaction genuineness based on purported cash deposits without verifying if such details were actually available. Due to this inconsistency and unverified crucial evidence, the matter was remanded to AO for fresh examination of lender's identity, creditworthiness, and genuineness after considering all relevant documents. Assessee's appeal was partly allowed for statistical purposes. en-us Tue, 11 Mar 2025 00:00:00 +0530 Sat, 31 May 2025 08:47:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771874 ITAT Ahmedabad remanded a case involving unexplained cash credit under Section 68 regarding unsecured loans from two parties. The tribunal found that the bank statement of the lender was never submitted during proceedings, yet CIT(A) made adverse inferences about transaction genuineness based on purported cash deposits without verifying if such details were actually available. Due to this inconsistency and unverified crucial evidence, the matter was remanded to AO for fresh examination of lender's identity, creditworthiness, and genuineness after considering all relevant documents. Assessee's appeal was partly allowed for statistical purposes. Case-Laws Income Tax Tue, 11 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771874