No addition is Permitted u/s 68 of Income Tax Act as Unsecured Loan when Cash Deposits in Bank A/c of Lender Firm is Accepted: ITAT [Read Order]
It was viewed that the scrutiny assessment proceedings of the lender firm for the very same assessment year itself explains the creditworthiness of the lender and genuineness of the loan transaction with the Assessee.
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition made under Section 68 of the Income Tax Act, 1961 on unsecured loan obtained from a firm by the Assessee on the ground that the identity, creditworthiness, and genuineness of the transaction stands proved. It was found that the Cash…
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