Repayment of Loans Mitigates Invocation of Section 68 When Genuineness Proved

Shree Samruddhi Overseas Trading Co. Vs DCIT (ITAT Ahmedabad) It is submitted on behalf of the assessee that the assessee had taken a temporary loan of Rs.8 Lakhs and Rs.2 Lakhs aggregating Rs.10,00,000/- in the month of June 2012 from Shri Rakesh Vallabhbhai Swadia. The loan so obtained was also repaid in the month of September 2012 and therefore loan was ultimately squared off in the same year. It is the case of the assessee that all relevant details like; copy of confirmation obtained from lender, copy of return of income and relevant bank statements of the party was furnished before the lo...