Earlier-Year Loan Not Taxable Under Section 68: ITAT Deletes Rs. 2.5 Cr Addition

Anandmangal Investment & Finance Pvt Ltd Vs ITO (ITAT Mumbai) Section 68 Cannot Apply to Past Year’s Loan Balance – ITAT Mumbai Deletes Rs. 2.5 Cr 68 Addition-  Identity & Genuineness Established – Tribunal Protects Assessee from Double Taxation Assessee’s case was reopened u/s 147 on the ground that it had received unsecured loans of Rs. 2.50 crore, treated by AO as accommodation entries. AO held that the Assessee failed to prove identity, genuineness & creditworthiness, & taxed the sum as unexplained cash credit. CIT(A)/NFAC upheld the addition. Before the Tribunal, ...