https://www.taxtmi.com/caselaws?id=777093 ITAT HYD allowed the appeal, reversing additions made under s.68. The Tribunal held the AO and CIT(A) misread financial statements and lacked evidence to discredit the creditworthiness of the loan creditor. Loans recorded as trade receivables and repayments reconciled the outstanding balance. Advances for shrimp sales were supported by ledgers and bank entries, and funding for fixed-asset purchases was satisfactorily explained by increases in short-term borrowings, trade payables and reduction in other current assets. Consequently the unexplained cash-credit additions were not sustained. en-us Wed, 20 Aug 2025 00:00:00 +0530 Sat, 23 Aug 2025 08:31:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777093 ITAT HYD allowed the appeal, reversing additions made under s.68. The Tribunal held the AO and CIT(A) misread financial statements and lacked evidence to discredit the creditworthiness of the loan creditor. Loans recorded as trade receivables and repayments reconciled the outstanding balance. Advances for shrimp sales were supported by ledgers and bank entries, and funding for fixed-asset purchases was satisfactorily explained by increases in short-term borrowings, trade payables and reduction in other current assets. Consequently the unexplained cash-credit additions were not sustained. Case-Laws Income Tax Wed, 20 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777093