https://www.taxtmi.com/caselaws?id=776686 The ITAT Ahmedabad allowed the assessee's appeal, deleting additions made under section 68 treating unsecured loans as unexplained cash credits. The assessee furnished confirmations, PAN details, returns, accounts, and bank statements proving loans were received through account payee cheques with TDS deducted on interest payments. The AO failed to prove the loans were from undisclosed sources or that parties were shell companies or entry providers. The Tribunal rejected the AO's reliance on estimating net profit at 17.5% based on other entities, following precedent. Consequently, additions were held unsustainable in law and deleted. en-us Tue, 07 Jan 2025 00:00:00 +0530 Sat, 16 Aug 2025 10:11:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776686 The ITAT Ahmedabad allowed the assessee's appeal, deleting additions made under section 68 treating unsecured loans as unexplained cash credits. The assessee furnished confirmations, PAN details, returns, accounts, and bank statements proving loans were received through account payee cheques with TDS deducted on interest payments. The AO failed to prove the loans were from undisclosed sources or that parties were shell companies or entry providers. The Tribunal rejected the AO's reliance on estimating net profit at 17.5% based on other entities, following precedent. Consequently, additions were held unsustainable in law and deleted. Case-Laws Income Tax Tue, 07 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776686