https://www.taxtmi.com/caselaws?id=772020 ITAT Kolkata allowed the appeal regarding unsecured loans treated as unexplained cash credit under section 68. The AO had made additions based on an investigation report identifying loan creditors as hawala accommodation entry providers and shell companies. However, the tribunal found that the key witness never mentioned the assessee in his statement, and no evidence connected the entry operator to the assessee. Following the precedent in PCIT vs. Sreeleather, the tribunal concluded that reliance cannot be placed on statements where no allegations were made against the assessee, particularly when the assessee had provided all required evidence and responded to statutory notices. en-us Tue, 01 Apr 2025 00:00:00 +0530 Tue, 03 Jun 2025 08:50:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772020 ITAT Kolkata allowed the appeal regarding unsecured loans treated as unexplained cash credit under section 68. The AO had made additions based on an investigation report identifying loan creditors as hawala accommodation entry providers and shell companies. However, the tribunal found that the key witness never mentioned the assessee in his statement, and no evidence connected the entry operator to the assessee. Following the precedent in PCIT vs. Sreeleather, the tribunal concluded that reliance cannot be placed on statements where no allegations were made against the assessee, particularly when the assessee had provided all required evidence and responded to statutory notices. Case-Laws Income Tax Tue, 01 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772020