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Addition u/s 68 on mere presumptions and suspicion is bad in law
Case Law Details
- Case Name
- ACIT Vs Nitin Sankhla (ITAT Raipur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Raipur
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ACIT Vs Nitin Sankhla (ITAT Raipur)
ITAT Raipur held that addition u/s 68 towards unsecured loan received by assessee treating the same as bogus based on mere presumptions and suspect is bad in law and liable to be set aside.
Facts- The case of the assessee for AY 2017-18 was selected for scrutiny u/s 143(2) of the Act and assessment order was passed after making addition of Rs. 39,09,000/- in the garb of unsecured loan treated as cash credits liable to be disallowed u/s 68 of the I.T. Act & Rs. 2,90,00,000/- on account of cash deposit during demonetisation which was treat...
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