https://www.taxtmi.com/caselaws?id=774250 ITAT Ahmedabad allowed the assessee's appeal regarding additions under Section 68 for unsecured loans and sundry creditors. The tribunal found that the AO incorrectly stated that a lender failed to respond to Section 133(6) notice when evidence showed the lender had actually filed responses, bank details, and ledger accounts. The lender's income tax return also established creditworthiness. Regarding sundry creditors, the tribunal held that credit balances from earlier years cannot be taxed in the current assessment year, following precedents from Bombay HC and ITAT Surat. en-us Thu, 03 Jul 2025 00:00:00 +0530 Sat, 05 Jul 2025 08:47:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774250 ITAT Ahmedabad allowed the assessee's appeal regarding additions under Section 68 for unsecured loans and sundry creditors. The tribunal found that the AO incorrectly stated that a lender failed to respond to Section 133(6) notice when evidence showed the lender had actually filed responses, bank details, and ledger accounts. The lender's income tax return also established creditworthiness. Regarding sundry creditors, the tribunal held that credit balances from earlier years cannot be taxed in the current assessment year, following precedents from Bombay HC and ITAT Surat. Case-Laws Income Tax Thu, 03 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774250