https://www.taxtmi.com/caselaws?id=775150 ITAT Chandigarh ruled in favor of the assessee regarding additions under Section 68 for unsecured loans. The AO had made additions questioning the creditworthiness of two lenders based solely on their low income returns and discrepancies between account transactions and declared income. During remand proceedings, the assessee successfully established the identity, creditworthiness, and genuineness of transactions by providing requisite documentation. The tribunal found that the loans were sourced from third parties and the assessee proved the creditworthiness of these third parties as well. The tribunal held that low income alone cannot justify additions under Section 68 when all statutory requirements are satisfied. The additions were deleted as the assessee fulfilled all ingredients of Section 68. en-us Mon, 02 Jun 2025 00:00:00 +0530 Mon, 21 Jul 2025 08:43:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775150 ITAT Chandigarh ruled in favor of the assessee regarding additions under Section 68 for unsecured loans. The AO had made additions questioning the creditworthiness of two lenders based solely on their low income returns and discrepancies between account transactions and declared income. During remand proceedings, the assessee successfully established the identity, creditworthiness, and genuineness of transactions by providing requisite documentation. The tribunal found that the loans were sourced from third parties and the assessee proved the creditworthiness of these third parties as well. The tribunal held that low income alone cannot justify additions under Section 68 when all statutory requirements are satisfied. The additions were deleted as the assessee fulfilled all ingredients of Section 68. Case-Laws Income Tax Mon, 02 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775150