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ITAT Pune: ₹1.62 Cr u/s 68 Deleted — No “Source of Source” Needed Pre-01.04.2023
Case Law Details
- Case Name
- Dhaval Vinod Gada Vs DCIT (ITAT Pune)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
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Dhaval Vinod Gada Vs DCIT (ITAT Pune)
ITAT Pune Deletes ₹1.62 Cr u/s 68 — “Source of Source” Not Required for Unsecured Loans Before 01.04.2023
The ITAT Pune deleted the addition of ₹1.62 crore u/s 68, holding that the assessee had fully proved the identity, creditworthiness and genuineness of the loan received from Shri Manilal M. Gada, who responded with confirmations and bank statements. Although the AO treated the loan chain—from lender to his wife to land vendors—as an accommodation arrangement, the Tribunal noted that the assessee had explained even the sou...
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