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.

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