2024 (6) TMI 945

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.... Advocate. For the Respondent : Mr. R.S. Padvekar, a/w Tanzil R. Padvekar, Advocates. ORAL ORDER: (PER: SOMASEKHAR SUNDARESAN, J. ) 1. This Appeal is directed against an order dated 14th September, 2017 passed by the Income Tax Appellate Tribunal, Mumbai ("ITAT") which disposed of two separate appeals challenging orders of the Commissioner of Income Tax (Appeals)-20 ("CIT-Appeals"), both ....

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....too substantiate the same. So also, the lender has not deposited any cash into his bank accounts. Both the rounds of appeals prior to this Appeal have held that the assessee has duly discharged the onus of proving the identity of the lenders, credit-worthiness and all supporting evidence as required under Section 68 of the Income Tax Act, 1961 ("the Act"). 4. The record shows that the disallowa....

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....en cash credit and correspondingly disallowed the interest amount on the said loan. 6. The CIT-Appeals, upon a review of the documentary evidence on the record, which included supporting bank statements, the identities of the directors of the two companies, the tax returns filed by those companies and the confirmation of loans given by the Respondent concluded that the disallowance of the loan ....