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ITAT Deletes Section 68 Addition Since Opening Loan Balances Cannot Be Taxed Again
Case Law Details
- Case Name
- Jindal Charitable Society Vs DCIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Delhi
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Jindal Charitable Society Vs DCIT (ITAT Delhi)
Section 68 Addition Deleted Because Assessee Proved Identity and Creditworthiness of Lenders; ITAT Allows Additional Evidence Under Rule 46A Since Documents Were Crucial for Fair Adjudication; No Section 68 Addition on Loans From RBI-Registered NBFC; ITAT Says Source of Source Requirement Applies Only From AY 2023-24.
Summary: The Delhi ITAT allowed the appeal of a charitable society engaged in imparting education and deleted additions made under Section 68 of the Income Tax Act relating to unsecured loans. The Assessing Officer ...
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