Addition u/s 68 of the Income Tax Act unsustainable in absence of fresh receipt of money

ACIT Vs Sunil Hingorani (ITAT Mumbai) ITAT Mumbai held that loan lying in the proprietorship concern books of the assessee is converted as gift during the year under consideration hence there was no fresh receipt of money. Accordingly, addition under section 68 of the Income Tax Act is unsustainable. Facts- AO noted that assessee had credited an amount of Rs.1,67,10,442/- on account of gifts received from Shri Anil Hingorani. During the course of assessment proceedings, the assessee was asked to explain and furnish the occasion for which the gift was received creditworthiness of the donor, ban...