ITAT Deletes Section 68 Addition as Opening Share Application Money converted in Loans cannot be Taxed as Fresh Credits

NIMP Healthcare Pvt. Ltd. Vs ITO (ITAT Ahmedabad) The Income Tax Appellate Tribunal, Ahmedabad, allowed the assessee’s appeal and deleted an addition of ₹1,35,48,800 made under Section 68 of the Income-tax Act for Assessment Year 2014-15. The dispute arose after the Assessing Officer treated unsecured loans reflected in the assessee’s books as unexplained cash credits, alleging that the assessee had failed to establish the identity, creditworthiness, and genuineness of the creditors. The assessee had, however, furnished ledger accounts, confirmations, PAN details, income tax retu...