ITAT delete section addition of Loan taken for Property Purchase

Ekta Garg Vs ITO (ITAT Delhi) Introduction: The Income Tax Appellate Tribunal (ITAT) Delhi recently heard the case of Ekta Garg Vs ITO for the Assessment Year 2015-16. The primary issue in this case revolved around the addition made by the Assessing Officer under Section 68 & 69 of the Income Tax Act. The assessee challenged these additions, claiming that they had successfully established the identity and creditworthiness of lenders for loans taken for the purchase of property. Detailed Analysis Subheading-wise: 1. Background of the Case: This case pertains to the Assessment Year 2015-16, ...