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ITAT deletes Addition under Section 69 for Gold Loan Recorded in Books
Case Law Details
- Case Name
- H.K. Dutta & Co. Vs ACIT (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Kolkata
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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, fac...
