https://www.taxtmi.com/caselaws?id=777739 ITAT held in favour of the taxpayer, reversing AO and CIT(A) findings that certain creditor loans and an outstanding liability were bogus/unexplained cash credits. Records (ledgers, balance sheet, P&L) showed the loans originated in earlier years, and payment of Rs.15 lakhs by account-payee cheques in subsequent year was bank-verified. Failure to produce confirmations was explained by the creditor's liquidation; a confirmation from the official liquidator was filed. The additions were disallowed as unsupported by the material on record. en-us Tue, 26 Aug 2025 00:00:00 +0530 Wed, 03 Sep 2025 10:38:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777739 ITAT held in favour of the taxpayer, reversing AO and CIT(A) findings that certain creditor loans and an outstanding liability were bogus/unexplained cash credits. Records (ledgers, balance sheet, P&L) showed the loans originated in earlier years, and payment of Rs.15 lakhs by account-payee cheques in subsequent year was bank-verified. Failure to produce confirmations was explained by the creditor's liquidation; a confirmation from the official liquidator was filed. The additions were disallowed as unsupported by the material on record. Case-Laws Income Tax Tue, 26 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777739