https://www.taxtmi.com/caselaws?id=783487 ITAT Mumbai allowed the assessee's appeal and deleted the addition made u/s 68 in respect of alleged unsecured loans, bogus share application money and accommodation entries. The Tribunal held that the Revenue had failed to establish the identity and creditworthiness of the investors or the genuineness of the impugned transactions and had relied solely on the statement of a third party recorded during search proceedings. As such statement, later retracted by way of affidavit, was not supported by any corroborative material and no adverse material was brought on record, the onus under s.68 was not discharged by the Revenue. Consequently, the order of the CIT(A) sustaining the addition was set aside. en-us Wed, 26 Nov 2025 00:00:00 +0530 Mon, 15 Dec 2025 18:56:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=783487 ITAT Mumbai allowed the assessee's appeal and deleted the addition made u/s 68 in respect of alleged unsecured loans, bogus share application money and accommodation entries. The Tribunal held that the Revenue had failed to establish the identity and creditworthiness of the investors or the genuineness of the impugned transactions and had relied solely on the statement of a third party recorded during search proceedings. As such statement, later retracted by way of affidavit, was not supported by any corroborative material and no adverse material was brought on record, the onus under s.68 was not discharged by the Revenue. Consequently, the order of the CIT(A) sustaining the addition was set aside. Case-Laws Income Tax Wed, 26 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=783487