Section 68 Addition Deleted as PAN, ITR and Confirmations Proved Loan Creditworthiness

DCIT Vs Techno Industries (ITAT Ahmedabad) The Revenue filed an appeal against the order dated 22.01.2025 passed by the Commissioner of Income-Tax (Appeals), National Faceless Appeal Centre, for Assessment Year 2017-18. The assessee, a firm engaged in manufacturing hoists and cranes, had filed its return declaring total income of Rs. 64,27,990/-. The assessment under Section 143(3) determined total income at Rs. 1,93,22,803/- after making additions including unsecured loans under Section 68 (Rs. 1,03,00,000), disallowance of interest (Rs. 1,66,037), and disallowance of employees’ PF contribu...