https://www.taxtmi.com/caselaws?id=464667 ITAT MUMBAI affirmed CIT(A)'s finding that loans held to be genuine under s.68 were adequately explained and the assessee discharged the onus. Lenders' audited financials demonstrated creditworthiness and sufficient balances to advance unsecured loans. The AO failed to conduct independent inquiries and relied on a retracted third-party statement, which did not overturn the factual evidence. The Tribunal found no error in CIT(A)'s factual conclusions and dismissed the revenue's grounds, upholding the deletion of the addition. en-us Wed, 14 May 2025 00:00:00 +0530 Sat, 08 Nov 2025 14:03:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464667 ITAT MUMBAI affirmed CIT(A)'s finding that loans held to be genuine under s.68 were adequately explained and the assessee discharged the onus. Lenders' audited financials demonstrated creditworthiness and sufficient balances to advance unsecured loans. The AO failed to conduct independent inquiries and relied on a retracted third-party statement, which did not overturn the factual evidence. The Tribunal found no error in CIT(A)'s factual conclusions and dismissed the revenue's grounds, upholding the deletion of the addition. Case-Laws Income Tax Wed, 14 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464667