https://www.taxtmi.com/caselaws?id=775951 The ITAT Kolkata upheld the deletion of addition under section 68 regarding an unsecured loan treated as unexplained cash credit. The loan was partly repaid in FY 2015-16 and FY 2016-17, and was advanced from the lender's FDR maturities, supported by bank statements. The tribunal rejected the Revenue's contention that the lender was a shell company, noting the lender was operational with fixed assets. Following the Gujarat HC ruling in Ambe Tradecorp (P.) Ltd., which held that repayment of loan in current or subsequent years precludes addition under section 68, the appeal was allowed in favor of the assessee. en-us Wed, 30 Jul 2025 00:00:00 +0530 Sat, 02 Aug 2025 07:24:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775951 The ITAT Kolkata upheld the deletion of addition under section 68 regarding an unsecured loan treated as unexplained cash credit. The loan was partly repaid in FY 2015-16 and FY 2016-17, and was advanced from the lender's FDR maturities, supported by bank statements. The tribunal rejected the Revenue's contention that the lender was a shell company, noting the lender was operational with fixed assets. Following the Gujarat HC ruling in Ambe Tradecorp (P.) Ltd., which held that repayment of loan in current or subsequent years precludes addition under section 68, the appeal was allowed in favor of the assessee. Case-Laws Income Tax Wed, 30 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775951