Section 68 Addition Invalid if Assessee Proves Genuineness of Unsecured Loans: ITAT Mumbai

DCIT Vs Supreme Holdings And Hospitality (India) Limited (ITAT Mumbai) Conclusion: Addition made under Section 68 for unexplained cash credit was not valid as assessee had provided sufficient evidence to prove the genuineness of unsecured loans received from various lenders and lenders were reputable entities with a clean track record, and the transactions were conducted through proper banking channels. Mere AO’s suspicion without any concrete evidence was not enough to justify the addition. Held: In pursuance of search, notice u/s.153A was issued and in response, assessee also filed its ret...