https://www.taxtmi.com/caselaws?id=782145 ITAT Delhi allowed the assessee's appeal. It held that the addition under s. 68 for unexplained cash credit was unsustainable where the assessee had furnished complete details establishing identity, creditworthiness, and genuineness of the subscriber companies, all payments were through banking channels, and the AO produced no contrary evidence. The Tribunal reiterated that suspicion, however strong, cannot replace proof and that assessments cannot rest on mere conjecture. Consequently, the addition under s. 68 was deleted. Further, relying on HC precedent that a company is distinct from its directors and the concept of "personal use" is inapplicable, ITAT also deleted the ad hoc disallowance of 10% of various expenses. en-us Fri, 21 Nov 2025 00:00:00 +0530 Tue, 25 Nov 2025 08:55:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782145 ITAT Delhi allowed the assessee's appeal. It held that the addition under s. 68 for unexplained cash credit was unsustainable where the assessee had furnished complete details establishing identity, creditworthiness, and genuineness of the subscriber companies, all payments were through banking channels, and the AO produced no contrary evidence. The Tribunal reiterated that suspicion, however strong, cannot replace proof and that assessments cannot rest on mere conjecture. Consequently, the addition under s. 68 was deleted. Further, relying on HC precedent that a company is distinct from its directors and the concept of "personal use" is inapplicable, ITAT also deleted the ad hoc disallowance of 10% of various expenses. Case-Laws Income Tax Fri, 21 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782145