ITAT Amritsar Deletes ₹51 Lakh Section 68 Addition on Squared-Up Loans

Jasdeep Kaur Chadha Vs DCIT (ITAT Amritsar) Bank trail saves the Day – ITAT Amritsar deletes addition on squared-up Loans; Bank-Traced Loans Cannot Be Treated as Unexplained Cash Credits; Loans Repaid Within the Year Escape Section 68 Addition. ITAT Amritsar allowed Jasdeep Kaur Chadha’s appeal, deleting ₹51 lakh addition under Section 68 on unsecured loans. Loans taken and repaid in the same year through banking channels, with supporting PAN, ITRs, and bank statements, were treated as genuine. Revenue’s appeal was dismissed. Assessee, engaged in liquor retail trading, had filed return...