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Bank Statement Enough to Test Loan Creditworthiness: ITAT Delhi deletes Section 68 Addition
Case Law Details
- Case Name
- Sidhi Vinayak Foundation Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Delhi
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Sidhi Vinayak Foundation Vs ITO (ITAT Delhi)
ITAT Delhi Restores Section 68 Addition: Bank Statement Sufficient to Prove Creditworthiness
The Delhi SMC Bench of the ITAT allowed the appeal of Sidhi Vinayak Foundation (AY 2018-19) for statistical purposes and set aside the order of the NFAC/CIT(A) confirming addition of ₹16 lakh under section 68 in respect of an unsecured loan.
The assessee-society, engaged in running an educational institution, had received an unsecured loan from Shri Chander Hash, a Chartered Accountant and partner in a firm. During assessment, the AO accep...
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