Addition u/s. 68 sustained as repayment of loan or interest payment not demonstrated: ITAT Ahmedabad

Nyalkaran Builders LLP Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad held that addition towards unsecured loan where loan was repaid is unsustainable, whereas, addition where assessee failed to demonstrate repayment or interest payment to creditor sustained. Facts- The assessee is a Limited Liability Partnership Firm (LLP) engaged in the business of construction and development activities. The return of the assessee was taken-up for scrutiny assessment since it was found large increase in unsecured loans, availed by the assessee. After verification, AO confirmed the unsecured loans relating to the 5 ...