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Section 68 Addition on Unsecured Loans Deleted After Rule 46A Evidence
Case Law Details
- Case Name
- ACIT Vs 21st Century E-Solutions Pvt. Ltd. (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Delhi
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ACIT Vs 21st Century E-Solutions Pvt. Ltd. (ITAT Delhi)
Section 68 Addition on Unsecured Loans Deleted After Rule 46A Evidence: ITAT Delhi Upholds CIT(A)
The Delhi Bench of the ITAT dismissed the Revenue’s appeal and upheld the deletion of an addition of ₹3.75 crore made under section 68 on account of unsecured loans. The Assessing Officer had treated loans received from five parties as unexplained on the ground that the assessee failed to establish the creditworthiness of lenders and genuineness of transactions during assessment proceedings.
Before the CIT(A), the assessee explained that ...
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