Section 68 Addition Unsustainable as Revenue Failed to Verify Creditors’ Documents: ITAT Bangalore

Jayapal Deepak Gowda Vs ITO (ITAT Bangalore) The Income Tax Appellate Tribunal (ITAT), Bangalore Bench, allowed the assessee’s appeal for statistical purposes and remanded the matter to the Jurisdictional Assessing Officer (JAO) for fresh consideration. The case arose from additions made under Section 68 of the Income-tax Act, 1961 in relation to unsecured loans and cash deposits during Assessment Year 2018-19. The Assessing Officer had treated the amounts as unexplained cash credits on the ground that the creditworthiness of the creditors and debtors had not been established. The Tribun...