No Additions shall be made u/s 68 of Income Tax Act on Unsecured Loans if Assessee furnishes Proper Evidences: ITAT [Read Order]

By Aparna. M - On August 20, 2023 3:00 pm - 2 mins read
Additions - No Additions - Income Tax Act - Unsecured Loans - ITAT - taxscan

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) held that no additions shall be made under Section 68 of the Income Tax Act, 1961 on unsecured loans if the assessee furnishes proper evidence. The assessee is an individual and Proprietor of S. Mangaldas Finance Corporation engaged in Shroff Business. The assessee filed its…

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