Section 68 Addition Deleted as Short-Term Loans Were Repaid Through Banking Channels

DCIT Vs Paramount Propbuild Pvt. Ltd. (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi, dismissed the Revenue’s appeal and upheld the order of the Commissioner of Income Tax (Appeals) [CIT(A)] deleting the addition of ₹6.25 crore made under Section 68 of the Income Tax Act on account of unsecured loans received by the assessee from four lender companies. The case arose from a search and seizure operation conducted under Section 132 in the Paramount, Gulshan and Ajnara Group on 11 March 2011. During the assessment proceedings for Assessment Year 2011-12, the Assessing Officer (A...