No Addition u/s 68 If Loans Repaid Within Same Year: Gujarat HC

PCIT Vs Merrygold Gems Pvt. Ltd. (Gujarat High Court) The Gujarat High Court has dismissed a tax appeal filed by the Principal Commissioner of Income Tax (PCIT) against Merrygold Gems Pvt. Ltd., affirming the decisions of the Income Tax Appellate Tribunal (ITAT) and the Commissioner of Income Tax (Appeals) [CIT(A)]. The case revolved around the deletion of an addition of ₹11.57 crore made under Section 68 of the Income Tax Act, which the Assessing Officer (AO) had classified as unexplained cash credits. The Revenue’s appeal sought to challenge whether the Tribunal was justified in de-l...