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Section 68 Addition on Loans From Wife and Company Deleted: Delhi ITAT
Case Law Details
- Case Name
- ACIT Vs Dr. Sameer Gupta (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2022-23
- Courts
- All ITAT, ITAT Delhi
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ACIT Vs Dr. Sameer Gupta (ITAT Delhi)
Delhi ITAT Deletes Section 68 Addition on Loans from Wife & Company – Identity, Creditworthiness & Genuineness Fully Established
The Delhi ITAT dismissed the Revenue’s appeal and upheld the CIT(A)’s deletion of additions of ₹1,72,50,000 and ₹50,00,000 made under Section 68 of the Income-tax Act, 1961. The Assessing Officer had treated the unsecured loan received from the assessee’s wife and the loan received from Umkal Healthcare Pvt. Ltd. as unexplained cash credits, alleging that the loan from the wife was not ref...
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