https://www.taxtmi.com/caselaws?id=776159 ITAT Jaipur upheld the deletion of additions made under section 68 regarding unexplained unsecured loans. The assessee established the identity, creditworthiness, and genuineness of the lenders, who were private limited companies with valid PANs and audited financials. The loans were routed through banking channels and repaid within the same year, with no cash deposits involved. The AO's addition was based on the failure to discharge the onus under section 68, but the tribunal found that the assessee had satisfactorily met this burden. The CIT(A) decision, relying on jurisdictional HC precedent, was affirmed, and the revenue's appeal was dismissed. en-us Thu, 02 Jan 2025 00:00:00 +0530 Mon, 04 Aug 2025 11:44:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776159 ITAT Jaipur upheld the deletion of additions made under section 68 regarding unexplained unsecured loans. The assessee established the identity, creditworthiness, and genuineness of the lenders, who were private limited companies with valid PANs and audited financials. The loans were routed through banking channels and repaid within the same year, with no cash deposits involved. The AO's addition was based on the failure to discharge the onus under section 68, but the tribunal found that the assessee had satisfactorily met this burden. The CIT(A) decision, relying on jurisdictional HC precedent, was affirmed, and the revenue's appeal was dismissed. Case-Laws Income Tax Thu, 02 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776159