https://www.taxtmi.com/caselaws?id=778455 ITAT deleted addition under s.68 relating to an unsecured loan, holding that the assessee had furnished bank statements, tax audit report, ledger confirmations and return copies and that transactions were through banking channels. Revenue neither cross-verified nor rebutted the third-party statements relied upon, and CIT(A) failed to controvert the documentary evidence or produce corroboration showing the loans were accommodation entries. For lack of opportunity to test the third-party statements and absence of infirmity in the assessee's proof, the addition was held perverse and was deleted; appeal allowed. en-us Fri, 17 Jan 2025 00:00:00 +0530 Wed, 17 Sep 2025 09:53:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778455 ITAT deleted addition under s.68 relating to an unsecured loan, holding that the assessee had furnished bank statements, tax audit report, ledger confirmations and return copies and that transactions were through banking channels. Revenue neither cross-verified nor rebutted the third-party statements relied upon, and CIT(A) failed to controvert the documentary evidence or produce corroboration showing the loans were accommodation entries. For lack of opportunity to test the third-party statements and absence of infirmity in the assessee's proof, the addition was held perverse and was deleted; appeal allowed. Case-Laws Income Tax Fri, 17 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778455