ITAT Deletes Section 68 Addition on Forfeited Loans Already Offered to Tax – Double Taxation Not Permissible

Ahuja and Anand Buildwell Private Limited Vs DCIT (ITAT Delhi) ITAT Deletes Section 68 Addition on Forfeited Loans Already Offered to Tax – Double Taxation Not Permissible The Delhi ITAT deleted additions made u/s 68 in the hands of Ahuja and Anand Buildwell Private Limited in respect of unsecured loans received from Bhavishya Invest Serve Pvt. Ltd. and Nandini Tradex Pvt. Ltd. after noting that the assessee had subsequently forfeited the loans and already offered the amounts to tax in AY 2023-24. The assessee demonstrated through its profit and loss account and computation of income for...