https://www.taxtmi.com/caselaws?id=783310 ITAT Kolkata dismissed the Revenue's appeal in entirety, upholding the CIT(A)'s order. On addition under s. 68 for unsecured loans, the Tribunal accepted the CIT(A)'s finding that the assessee had commercial dealings in jute with the lenders and that the lenders had reflected the sums as sundry debtors, establishing identity, genuineness and creditworthiness. The disallowance for alleged bogus purchases was rejected, the purchases being held genuine in absence of any contrary material. The addition relating to sale of unlisted shares was deleted since the investments had been accepted in earlier years and sale proceeds were through banking channels. Disallowance under s. 40A(3) was also held unsustainable as the impugned cash purchase bills were not recorded in the assessee's books. en-us Wed, 03 Dec 2025 00:00:00 +0530 Sat, 13 Dec 2025 08:28:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=783310 ITAT Kolkata dismissed the Revenue's appeal in entirety, upholding the CIT(A)'s order. On addition under s. 68 for unsecured loans, the Tribunal accepted the CIT(A)'s finding that the assessee had commercial dealings in jute with the lenders and that the lenders had reflected the sums as sundry debtors, establishing identity, genuineness and creditworthiness. The disallowance for alleged bogus purchases was rejected, the purchases being held genuine in absence of any contrary material. The addition relating to sale of unlisted shares was deleted since the investments had been accepted in earlier years and sale proceeds were through banking channels. Disallowance under s. 40A(3) was also held unsustainable as the impugned cash purchase bills were not recorded in the assessee's books. Case-Laws Income Tax Wed, 03 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=783310