Addition towards unsecured loan sustained as three ingredients u/s. 68 not established

ITO Vs Bagaria Trade Impex (ITAT Jaipur)

ITAT Jaipur held that addition under section 68 of the Income Tax Act on account of unsecured loan is liable to be sustained since the assessee has miserably failed to establish the essential three ingredients as prescribed in section 68 of the Act. Accordingly, appeal of revenue allowed.

Facts- The assessee deals in wholesale trading in Galla Kirana items and also derives income from commodity trading in MCX/NCDEX. During scrutiny assessment proceedings, it was noticed that the assessee firm has obtained unsecured

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