ITAT Mumbai Deletes ₹34.65 Cr Loan Addition: Source-of-Source Not Applicable Before AY 2013-14

ACIT Vs KBJ Developers Pvt. Ltd. (ITAT Mumbai) Title 1: 68 Unexplained Loans Deleted: Source-of-Source Not Applicable Before AY 2013-14 Description: The ITAT Mumbai deleted a Rs.34.65 crore addition under Section 68 for unsecured loans, ruling that the requirement to prove the “source of source” only applies from A.Y. 2013-14 onwards. The Tribunal held that proving the identity, genuineness, and creditworthiness of the loan creditors was sufficient for the year under appeal. Title 2: Loan Addition Quashed: Creditor Non-Response Alone Can’t Vitiate Documentary Proof Descripti...