Unsecured Loan Availed not to be Treated as Unexplained Cash Credits u/s 68 of Income Tax Act: ITAT [Read Order]

By Ipsita Das - On July 4, 2023 9:00 am - 2 mins read
Unsecured Loan Availed not to be Treated as Unexplained Cash Credits - Income Tax Act - ITAT - TAXSCAN

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that the unsecured loan availed by the assessee cannot be treated as unexplained cash credit under Section 68 of the Income Tax Act,1961 as the assessee has proved the genuineness of the loan transaction, and hence  deleted the disallowance of interest paid on such loan…

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