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Section 68 Addition Deleted as Loan Genuineness & Creditworthiness Established
Case Law Details
- Case Name
- CIT Vs Ayachi Chandrashekhar Narsangji (Gujarat High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2006-07
- Courts
- All High Courts, Gujarat High Court
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CIT Vs Ayachi Chandrashekhar Narsangji (Gujarat High Court)
The Revenue filed a tax appeal before the Gujarat High Court challenging the order of the Income Tax Appellate Tribunal (ITAT) dated 21.06.2013 for Assessment Year 2006-07. The principal issue was whether the ITAT was justified in deleting the addition of ₹1.45 crore made by the Assessing Officer under Section 68 of the Income Tax Act as unexplained cash credit.
The assessee had filed a return declaring total income of ₹39,10,790. During assessment under Section 143(3), the Assessing Officer added ₹1.45 crore under Section 68 on...
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