Repaid Loans and Bank Entries Can’t Trigger Section 68

DCIT Vs Educo Ventures Pvt. Ltd. (ITAT Kolkata) Section 68 on Shaky Ground — Old Advances, Repaid Loans & Dumb Notings Can’t Justify Additions; Only Profit Estimation Survives Kolkata ITAT decided a large batch of cross-appeals in the case of Educo Ventures Pvt. Ltd. covering AYs 2014-15, 2015-16 & 2020-21, substantially upholding relief granted by CIT(A) and firmly reiterating that suspicion, survey statements & investigation databases cannot substitute evidence. For AYs 2014-15 & 2015-16, additions u/s 68 in respect of advances/loans from Quality Vinimay Pvt. Ltd., Swarng...