https://www.taxtmi.com/caselaws?id=775738 The ITAT Hyderabad set aside the CIT(A) order and directed the AO to delete the addition made under section 68 relating to unexplained cash credits on loans from three companies. The addition was based solely on a statement recorded under section 132(4) during a search, which was later retracted. The assessee successfully proved the identity, genuineness, and creditworthiness of the parties involved. The AO and CIT(A) failed to appreciate the evidence and facts, relying only on the withdrawn statement. The appeal was allowed in favor of the assessee. en-us Fri, 25 Jul 2025 00:00:00 +0530 Wed, 30 Jul 2025 08:21:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775738 The ITAT Hyderabad set aside the CIT(A) order and directed the AO to delete the addition made under section 68 relating to unexplained cash credits on loans from three companies. The addition was based solely on a statement recorded under section 132(4) during a search, which was later retracted. The assessee successfully proved the identity, genuineness, and creditworthiness of the parties involved. The AO and CIT(A) failed to appreciate the evidence and facts, relying only on the withdrawn statement. The appeal was allowed in favor of the assessee. Case-Laws Income Tax Fri, 25 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775738