Section 68 Addition Unsustainable as Documentary Evidence Established Loan Transactions

ACIT Vs HK Ispat Pvt. Ltd. (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT), Ahmedabad, disposed of a batch of cross appeals filed by the Revenue and the assessee for Assessment Years 2014-15 to 2021-22, arising from a common search action and orders of the Commissioner of Income Tax (Appeals) dated 28 March 2025. Since the issues were common, the Tribunal treated AY 2015-16 as the lead case, with its findings applying to the remaining appeals. The Assessing Officer (AO) had made an addition of Rs. 2,98,14,000 under Section 68 on account of unsecured loans received from seven parties,...