https://www.taxtmi.com/caselaws?id=782040 ITAT Mumbai deleted the addition made u/s 68 in the assessee's case. The assessee had originally taken loans from a private company and, during the relevant year, sold a residential flat, using part of the sale consideration to clear a bank loan and the balance to repay the private company. The Tribunal noted that the net loan liability had actually reduced, the identity and creditworthiness of the lending entities and genuineness of transactions were established, and there was merely a transfer of liability from one entity to a partnership firm. As no unexplained cash credit was proved, the assessee's appeal was allowed. en-us Mon, 17 Nov 2025 00:00:00 +0530 Mon, 24 Nov 2025 08:57:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782040 ITAT Mumbai deleted the addition made u/s 68 in the assessee's case. The assessee had originally taken loans from a private company and, during the relevant year, sold a residential flat, using part of the sale consideration to clear a bank loan and the balance to repay the private company. The Tribunal noted that the net loan liability had actually reduced, the identity and creditworthiness of the lending entities and genuineness of transactions were established, and there was merely a transfer of liability from one entity to a partnership firm. As no unexplained cash credit was proved, the assessee's appeal was allowed. Case-Laws Income Tax Mon, 17 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782040