ITAT Deletes ₹1.59 Crore Section 68 Addition Despite Non-Appearance of Creditors

Anirudh Khemka Vs ITO (ITAT Kolkata) Unsecured Loans Fully Supported by Evidence—Non-Appearance of Creditors Not Fatal; Double Addition of Interest Noticed—Section 68 Addition of ₹1.59 Cr Deleted Assessee appealed against the NFAC order dated 27.11.2024 confirming addition of ₹1,59,90,557 u/s 68 on account of unsecured loans received from 14 creditors & interest thereon. Assessee had filed return declaring income of ₹11,64,510. During scrutiny, the AO called for complete details—audited accounts, bank statements, confirmations, loan ledgers, & issued 133(6) notices. Fourtee...