Gujarat HC Dismisses Section 68 Appeal as Assessee Discharged Initial Burden

PCIT Vs Ojas Tarmake Pvt. Ltd. (Gujarat High Court) The Revenue filed a tax appeal before the Gujarat High Court challenging the order of the Income Tax Appellate Tribunal (ITAT), Ahmedabad, for Assessment Year 2013-14, whereby the Tribunal had deleted additions made under Section 68 of the Income-tax Act in respect of unsecured loans. The Revenue contended that the assessee had failed to establish the identity and creditworthiness of the creditors and the genuineness of the transactions, and also questioned the Tribunal’s reliance on the decision in Rohini Builders. The appeal also rais...