ITAT Deletes Section 68 Addition Since Opening Loan Balances Cannot Be Taxed Again

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 had treated the e...