https://www.taxtmi.com/caselaws?id=775677 The ITAT Bangalore allowed the assessee's appeals on multiple grounds. Additions under sections 69 and 68 relating to unexplained investments and unsecured loans were deleted where the assessee satisfactorily explained the sources and genuineness of transactions, supported by banking evidence and ledger confirmations. Additions based solely on statements without corroborative evidence or independent verification were held unsustainable. The assessment order passed jointly on legal heirs was upheld as valid under section 159, with no personal liability beyond the estate. Capital loss on debenture redemption was allowed. Additions based on admissions during search proceedings without independent material were disallowed. Protective additions in the hands of associated entities were distinguished from those against the individual assessee. Overall, the tribunal emphasized the need for corroborative evidence and rejected additions lacking proper inquiry or verification, directing relief to the assessee accordingly. en-us Wed, 16 Jul 2025 00:00:00 +0530 Tue, 29 Jul 2025 08:30:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775677 The ITAT Bangalore allowed the assessee's appeals on multiple grounds. Additions under sections 69 and 68 relating to unexplained investments and unsecured loans were deleted where the assessee satisfactorily explained the sources and genuineness of transactions, supported by banking evidence and ledger confirmations. Additions based solely on statements without corroborative evidence or independent verification were held unsustainable. The assessment order passed jointly on legal heirs was upheld as valid under section 159, with no personal liability beyond the estate. Capital loss on debenture redemption was allowed. Additions based on admissions during search proceedings without independent material were disallowed. Protective additions in the hands of associated entities were distinguished from those against the individual assessee. Overall, the tribunal emphasized the need for corroborative evidence and rejected additions lacking proper inquiry or verification, directing relief to the assessee accordingly. Case-Laws Income Tax Wed, 16 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775677