Cash deposited before issue of D.D. – Section 68 addition upheld

U Toll Corporation Ltd Vs ACIT (ITAT Varansi) Introduction: The case of U Toll Corporation Ltd vs ACIT (Income Tax Appellate Tribunal, Varanasi) revolves around the assessment year 2013-14 and concerns the addition of unsecured loans by the Assessing Officer. The appellant challenges the decision of the Commissioner of Income Tax (Appeals) [CIT(A)] regarding the addition of Rs. 40,00,000 and Rs. 30,00,000 in the names of Kumar Nagendra and Munna Kumar, respectively. Detailed Analysis: 1. Unsecured Loan Dispute: The crux of the matter lies in the unsecured loans claimed by the appellant. The As...