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ITAT Deletes Section 68 Addition Because Assessee Not Required to Prove Source of Source
Case Law Details
- Case Name
- Kalptaru Cotton Industries Vs ITO (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Ahmedabad
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Kalptaru Cotton Industries Vs ITO (ITAT Ahmedabad)
The Income Tax Appellate Tribunal, Ahmedabad Bench, allowed the appeal of the assessee against the order dated 10.06.2025 passed by the Commissioner of Income-tax (Appeals), National Faceless Appeal Centre, for Assessment Year 2014-15. The sole issue before the Tribunal was whether the addition of Rs. 60,00,000/- made under Section 68 of the Income-tax Act, 1961 on account of unsecured loan was justified.
The assessee, a partnership firm engaged in manufacturing, ginning and pressing of cotton, had received an unsecured loan of Rs. 60,00,000/-...
