Proving source of source unnecessary for AY 2014-15: ITAT deletes Rs. 5.01 Cr Addition

Canbara Infra Private Limited Vs ACIT (ITAT Mumbai) In the case of Canbara Infra Private Limited Vs ACIT (ITAT Mumbai), the assessee challenged the reopening of its assessment under Sections 147/148 of the Income Tax Act and an addition of Rs. 5,01,48,500/- under Section 68, related to loans taken from its directors for the assessment year (A.Y.) 2014-15. The assessment was initially completed under Section 143(3) in 2016, showing a “Nil” income, but was later reopened due to the alleged failure to prove the creditworthiness of the directors from whom the loans were received. The c...