ITAT deletes Addition under Section 69 for Gold Loan Recorded in Books

H.K. Dutta & Co. Vs ACIT (ITAT Kolkata) The case of H.K. Dutta & Co. Vs. ACIT was brought before the Income Tax Appellate Tribunal (ITAT) Kolkata. The dispute primarily revolved around multiple additions and disallowances made by the Assessing Officer during the assessment year 2013-14. Among them, the significant issue was the addition under Section 69 of the Income Tax Act related to a gold loan obtained from a partner, which was recorded in the books of the firm. The assessee, a partnership firm involved in the business of manufacturing and selling gold jewelry, faced several additi...