https://www.taxtmi.com/caselaws?id=772108 ITAT Mumbai deleted addition u/s 68 for unsecured loans treated as unexplained cash credits. Assessee provided bank statements and explained lender received repayment from earlier financial year. Revenue issued notices u/s 131 but failed to examine creditors' income sources or creditworthiness. ITAT held assessee discharged primary burden proving identity, creditworthiness and genuineness of transaction. Without evidence supporting addition, assessing officer unjustified in treating loans as unexplained cash credits. Appeal allowed, addition deleted. en-us Fri, 16 May 2025 00:00:00 +0530 Tue, 03 Jun 2025 15:33:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772108 ITAT Mumbai deleted addition u/s 68 for unsecured loans treated as unexplained cash credits. Assessee provided bank statements and explained lender received repayment from earlier financial year. Revenue issued notices u/s 131 but failed to examine creditors' income sources or creditworthiness. ITAT held assessee discharged primary burden proving identity, creditworthiness and genuineness of transaction. Without evidence supporting addition, assessing officer unjustified in treating loans as unexplained cash credits. Appeal allowed, addition deleted. Case-Laws Income Tax Fri, 16 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772108