AO Fails assuming 8% of Unsecured Loans from Non-Members as Net Profit: ITAT deletes addition [Read Order]

The assessee, had received Unsecured Loans advances from non-members as net profit
By Aiswarya Krishnadas - On September 10, 2024 3:49 pm - 2 mins read
ITAT - ITAT Ahmedabad - AO - Net Profit - Unsecured Loans - Taxscan

The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT )  deleted the addition of Rs. Rs. 5,98,24,000/- ruling that the Assessing Officer  erred by assuming 8% of unsecured loans from non-members as net profit. The tribunal found the addition of 8% of the advance for taxation unjustified. The assessee filed the income tax…

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