https://www.taxtmi.com/caselaws?id=772271 ITAT, Nagpur (AT) upheld the CIT(A)'s deletion of additions under s.68, finding the Department failed to prove identity, creditworthiness and transaction genuineness regarding alleged accommodation entries. The tribunal noted financial statements and year-end schedules showing opening loans and net repayments, undermining a selective deeming of only fresh credits as income, and criticized the absence of action on the opening balance. In view of lack of corroborative evidence and unchallenged findings of the CIT(A), the addition was disallowed and decision was in favour of the assessee. en-us Thu, 03 Apr 2025 00:00:00 +0530 Mon, 18 Aug 2025 15:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772271 ITAT, Nagpur (AT) upheld the CIT(A)'s deletion of additions under s.68, finding the Department failed to prove identity, creditworthiness and transaction genuineness regarding alleged accommodation entries. The tribunal noted financial statements and year-end schedules showing opening loans and net repayments, undermining a selective deeming of only fresh credits as income, and criticized the absence of action on the opening balance. In view of lack of corroborative evidence and unchallenged findings of the CIT(A), the addition was disallowed and decision was in favour of the assessee. Case-Laws Income Tax Thu, 03 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772271