Unsecured Loan Addition Deleted as Loans Accepted & Repaid in Same Year: ITAT Jaipur

DCIT Vs Harsh Stock Portfolio Pvt. Ltd. (ITAT Jaipur) ITAT Jaipur held that addition under section 68 of the Income Tax Act towards unsecured loan is untenable since loans accepted were repaid in the same year and all the transactions were carried out through banking channels. Accordingly, appeal of revenue dismissed. Facts- Revenue has preferred the present appeal mainly contesting that CIT(A) has erred in deleting the addition of Rs. 4,28,00,000/- made by the Assessing Officer on account of unexplained unsecured loan u/s 68 of the Income Tax Act by disregarding the evidence indicating that t...