Section 68 Not Applicable to Repayment of Loans Given in Earlier Year: ITAT Delhi

Anand Agarwal Vs DCIT (ITAT Delhi) In the case of , the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) allowed the assessee’s appeal against the addition of Rs. 4.05 crore made under Section 68 of the Income Tax Act for Assessment Year 2018-19. The assessee, a director in a private company, had filed a return declaring income from salary, and interest. During scrutiny assessment, the Assessing Officer (AO) noticed large cash deposits and withdrawals in the assessee’s bank account and examined two credits amounting to Rs. 1.70 crore and Rs. 2.35 crore received from two individuals ...