Section 68 Addition Not Justified for Loan Before Business Commencement: ITAT Jaipur

J K V Stonex Vs ITO (ITAT Jaipur) Addition u/s. 68 not sustained as revenue activity not yet started and loan received through cheques ITAT Jaipur held that addition u/s. 68 of the Income Tax Act is not justifiable since assessee firm has not commenced any business activity and hence it is not justified to say that the assessee has camouflaged earned this income. Further, loans are received through account payee cheques and parties are relatives of partners. Facts- The present appeal has been filed by the assessee mainly contesting that CIT(A) has erred in confirming the addition u/s 68 to the...