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Section 68 Addition Deleted as Creditworthiness Depends on Ability to Arrange Funds
Case Law Details
- Case Name
- Florence Nightingale Educational Society Vs DCIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Delhi
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Florence Nightingale Educational Society Vs DCIT (ITAT Delhi)
The appeal before the Income Tax Appellate Tribunal (ITAT), Delhi, arose from the order of the Commissioner of Income-tax (Appeals) for Assessment Year 2017-18 concerning additions made under Section 68 of the Income-tax Act in respect of unsecured loans received by the assessee, a trust registered under Section 12A/12AA. During assessment proceedings, the Assessing Officer treated the entire outstanding unsecured loans of ₹2,77,67,387 as fresh loans and added them under Section 68 on the ground that the assessee ...
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