Case Law Details
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, where the Assessing Officer made additions under Sections 68 & 69 of the Income Tax Act. The primary contention of the assessee was that they had received loans from various parties for property purchase, and they sought to prove the legitimacy of these transactions.
2. Assessee’s Arguments: The counsel for the assessee argued that the Assessing Officer had erred in making the additions under Sections 68 & 69. They emphasized that they had provided necessary documentation, including bank statements, confirmations, PAN details, and IT returns of the lenders, to establish the identity and creditworthiness of the lenders.
Please become a Premium member. If you are already a Premium member, login here to access the full content.
