Case Law Details
Case Name : Darshan K Vakharia Mumbai Vs ITO (ITAT Mumbai)
Related Assessment Year : 2013-13
Courts :
All ITAT ITAT Mumbai
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Darshan K Vakharia Mumbai Vs ITO (ITAT Mumbai)
ITAT Mumbai held that addition under section 68 of the Income Tax Act towards unexplained expenditure merely on the basis of suspicion without any other support is unsustainable in law.
Facts- The Assessee is engaged in the business of manufacturing of S. S. utensils. The Assessee borrowed loans/funds of Rs. 20,00,000/& Rs. 5,00,000/- from M/s. Santoshima and M/s. Vasudev respectively and during the year under consideration, has not taken any fresh loan from such concerns but paid interest of Rs. 2,40,000/- and Rs. 60,000/- respectively to t...
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