Loan from directors – Section 68 addition- Additional Evidence- ITAT restore matter to AO

Harina Developers Pvt. Ltd. Vs ITO (ITAT Bangalore)

The issue under consideration is that whether the loan received from two directors can be considered as unexplained cash credit u/s 68 of the Act?

In the given case, the assessee has received amount from two of its directors. The assessee could file only ledger account extract of above creditors. Since the assessee did not file any confirmation letter from them, the assessing officer assessed it as unexplained cash

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