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ITAT Deletes Section 68 Addition on Forfeited Loans Already Offered to Tax – Double Taxation Not Permissible
Case Law Details
- Case Name
- Ahuja and Anand Buildwell Private Limited Vs DCIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2020-21
- Courts
- All ITAT, ITAT Delhi
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Ahuja and Anand Buildwell Private Limited Vs DCIT (ITAT Delhi)
ITAT Deletes Section 68 Addition on Forfeited Loans Already Offered to Tax – Double Taxation Not Permissible
The Delhi ITAT deleted additions made u/s 68 in the hands of Ahuja and Anand Buildwell Private Limited in respect of unsecured loans received from Bhavishya Invest Serve Pvt. Ltd. and Nandini Tradex Pvt. Ltd. after noting that the assessee had subsequently forfeited the loans and already offered the amounts to tax in AY 2023-24. The assessee demonstrated through its profit and loss account and computat...
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