https://www.taxtmi.com/caselaws?id=464452 ITAT AHMEDABAD upheld the CIT(A)'s deletion of additions under s.68, holding the assessee had established identity, genuineness and creditworthiness of unsecured loans by producing PAN copies, ledgers, confirmations, ITRs and bank statements (including responses to s.133(6) notices). AO offered no cogent reason to treat loans as bogus. The tribunal noted the amended requirement to prove "source of the source" was not yet applicable, observed minimal cash deposits and timely repayments (within same or next year), and found Revenue unable to controvert CIT(A)'s findings. Revenue's appeal dismissed. en-us Fri, 24 Jan 2025 00:00:00 +0530 Thu, 30 Oct 2025 20:27:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464452 ITAT AHMEDABAD upheld the CIT(A)'s deletion of additions under s.68, holding the assessee had established identity, genuineness and creditworthiness of unsecured loans by producing PAN copies, ledgers, confirmations, ITRs and bank statements (including responses to s.133(6) notices). AO offered no cogent reason to treat loans as bogus. The tribunal noted the amended requirement to prove "source of the source" was not yet applicable, observed minimal cash deposits and timely repayments (within same or next year), and found Revenue unable to controvert CIT(A)'s findings. Revenue's appeal dismissed. Case-Laws Income Tax Fri, 24 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464452