https://www.taxtmi.com/caselaws?id=462859 ITAT Delhi allowed the assessee's appeal regarding additions made under sections 68 and 69C of the Income Tax Act. The tribunal found that unsecured loans received from two lender companies were genuine transactions, not accommodation entries, based on precedent from Flourish Builders & Developers Pvt. Ltd. where identical circumstances involving the same lender companies were deemed legitimate. Consequently, the addition made under section 68 for unexplained cash credits was deleted. Since the loans were established as genuine, the corresponding addition under section 69C for unexplained expenditure related to commission payments was also deleted. The tribunal ruled in favor of the assessee, directing deletion of both additions. en-us Mon, 30 Oct 2023 00:00:00 +0530 Mon, 21 Jul 2025 19:11:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462859 ITAT Delhi allowed the assessee's appeal regarding additions made under sections 68 and 69C of the Income Tax Act. The tribunal found that unsecured loans received from two lender companies were genuine transactions, not accommodation entries, based on precedent from Flourish Builders & Developers Pvt. Ltd. where identical circumstances involving the same lender companies were deemed legitimate. Consequently, the addition made under section 68 for unexplained cash credits was deleted. Since the loans were established as genuine, the corresponding addition under section 69C for unexplained expenditure related to commission payments was also deleted. The tribunal ruled in favor of the assessee, directing deletion of both additions. Case-Laws Income Tax Mon, 30 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462859