Kolkata Tribunal Deletes Section 68 Addition for Genuine Banked Loans

ACIT Vs Jaideep Halwasiya (ITAT Kolkata) Loans Taken & Repaid Through Banking Channels with TDS on Interest – ITAT Kolkata Upholds Deletion of Sec.68 Addition Revenue filed appeal against the order of CIT(A) deleting addition of ₹2.35 crore made by AO u/s 68 as unexplained cash credits along with disallowance of interest ₹5.65 lakh. During assessment, AO noticed that  Assessee had taken unsecured loans of ₹50 lakh from Gagan Suppliers Pvt. Ltd., ₹60 lakh from Nitin Hire Purchase Pvt. Ltd. & ₹1.25 crore from Nusharwar Merchants Pvt. Ltd. AO held that identity, creditwo...