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Gujarat HC Dismisses Section 68 Addition as Loan Identity, Source & Repayment Established
Case Law Details
- Case Name
- CIT Vs Mahavir Crimpers (Gujarat High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
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- Courts
- All High Courts, Gujarat High Court
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CIT Vs Mahavir Crimpers (Gujarat High Court)
The Gujarat High Court considered an appeal filed by the Revenue against the order of the Income Tax Appellate Tribunal, Ahmedabad dated 18 May 2017. The Revenue challenged the Tribunal’s decision on two principal issues: the deletion of an addition of ₹1 crore made under Section 68 of the Income-tax Act, 1961, and the deletion of disallowance relating to additional depreciation of ₹38,15,241 claimed on crimping of yarn.
On the first issue, the Revenue contended that the identity and creditworthiness of the lender company remained unverified a...
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