Addition u/s 68 unsustainable as repayment of loan is made in assessment year itself

Ganesh Ganpat Alim Vs ITO (ITAT Surat)

ITAT Surat held that addition under section 68 of the Income Tax Act should not be made when repayment of loan is made in the assessment year itself.

Facts- During the assessment proceedings, AO got information from investigation wing that M/s Delight Diam P Ltd. and M/s Bafna Exim Pvt. Ltd. are not carrying out any real business but are only providing accommodation entries. The investigation wing also recorded statement of Shri Deepa

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