Assessee Proves Loan Repayment & Discharges Section 68 Onus – ITAT deletes addition

Wow Entertainment and Media Private Limited Vs ACIT (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT) Mumbai heard an appeal by Wow Entertainment and Media Private Limited concerning an addition of ₹1.44 crore made by the Assessing Officer (AO) under Section 68 of the Income Tax Act, 1961. This addition was related to a loan received by the assessee from Dyaneshwari Multi-State Urban Co-operative Credit Society Ltd. (DMSUCCSL) for the assessment year 2017-18. The AO had concluded that the loan was not genuine, primarily based on the statement of the manager of DMSUCCSL and the nature of...