Section 68 Addition Deleted After Loan Genuineness Proven

ITO Vs Mohanbhai Laljibhai Rami (ITAT Ahmedabad) Unsecured Loan Explained Through Evidence; Section 68 Addition Deleted and Revenue Appeal Dismissed: ITAT Ahmedabad Summary: The Ahmedabad Bench (SMC) of the Income Tax Appellate Tribunal (ITAT) dismissed the Revenue’s appeal for AY 2012-13, thereby affirming the CIT(A)’s order deleting the addition of ₹10 lakh made under section 68 on account of an alleged unexplained unsecured loan. The assessment was reopened under sections 147/148 based on information from the Investigation Wing relating to a loan transaction with M/s Alton Infrastruct...