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Sec 68 Addition Set Aside – Documentary Evidence Accepted; Matter Remanded for Loan Repayment Verification
Case Law Details
- Case Name
- Rachna Kirti Doshi Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2009-10
- Courts
- All ITAT, ITAT Mumbai
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Rachna Kirti Doshi Vs ITO (ITAT Mumbai)
Sec 68 Addition Set Aside – Documentary Evidence Accepted; Matter Remanded for Loan Repayment Verification
Assessee faced addition of ₹17.50 lakh u/s 68 on account of alleged bogus unsecured loans based on information from Investigation Wing (survey in case of third party). AO relied on loose papers and external report to treat loans as accommodation entries. CIT(A) partly confirmed addition.
Before ITAT, assessee demonstrated that loans were taken from identified parties and furnished complete documentary evidence including loan confirmations, P...
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