https://www.taxtmi.com/caselaws?id=783688 Where the assessee substantiated unsecured loan receipts from two creditors by filing contemporaneous documentary evidence establishing the creditors' identity, creditworthiness, and genuineness of the transactions, and the lenders also confirmed the advances in response to notices issued under s.133(6), an addition under s.68 could not be sustained merely because the creditors were alleged to be shell entities; the AO's failure to discuss the material on record further vitiated the addition. Further, subsequent repayment of the loans with interest reinforced the bona fides of the transactions. Accordingly, the ITAT upheld the CIT(A)'s deletion of the addition relating to the unsecured loans and decided in favour of the assessee. en-us Thu, 18 Dec 2025 00:00:00 +0530 Sat, 20 Dec 2025 07:45:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=783688 Where the assessee substantiated unsecured loan receipts from two creditors by filing contemporaneous documentary evidence establishing the creditors' identity, creditworthiness, and genuineness of the transactions, and the lenders also confirmed the advances in response to notices issued under s.133(6), an addition under s.68 could not be sustained merely because the creditors were alleged to be shell entities; the AO's failure to discuss the material on record further vitiated the addition. Further, subsequent repayment of the loans with interest reinforced the bona fides of the transactions. Accordingly, the ITAT upheld the CIT(A)'s deletion of the addition relating to the unsecured loans and decided in favour of the assessee. Case-Laws Income Tax Thu, 18 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=783688