Loan Transaction Validated by Furnishing Identity and Creditworthiness of Creditors: ITAT deletes Addition u/s 68 of Income Tax Act [Read Order]

The assessee had duly furnished loan transactions including documents relating to the identity and creditworthiness of the creditors and also has duly established the nature and genuineness of the transaction
By Aiswarya Krishnadas - On April 16, 2024 3:49 pm - 2 mins read
ITAT Kolkata - ITAT - Income Tax - Income Tax Act - ITAT ruling on loan transaction - Section 68 Income Tax Act - Taxscan

The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition under Section 68 of the Income Tax Act, 1961 as the loan transaction validated by duly furnishing the identity and creditworthiness of the creditors. A search and seizure operation was carried out under Section 132 of the Income Tax Act…

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