Case Law Details
Case Name : ITO Vs Mohanbhai Laljibhai Rami (ITAT Ahmedabad)
Related Assessment Year : 2012-13
Courts :
All ITAT ITAT Ahmedabad
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ITO Vs Mohanbhai Laljibhai Rami (ITAT Ahmedabad)
Unsecured Loan Explained Through Evidence; Section 68 Addition Deleted and Revenue Appeal Dismissed: ITAT Ahmedabad
Summary:
The Ahmedabad Bench (SMC) of the Income Tax Appellate Tribunal (ITAT) dismissed the Revenue’s appeal for AY 2012-13, thereby affirming the CIT(A)’s order deleting the addition of ₹10 lakh made under section 68 on account of an alleged unexplained unsecured loan.
The assessment was reopened under sections 147/148 based on information from the Investigation Wing relating to a loan transaction with M/s Alton Infrastruct...
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