Section 68 Addition Deleted – Suspicion on Lender’s Finances Cannot Replace Evidence

Rajdhani Textiles Private Limited Vs ACIT (ITAT Mumbai) Section 68 Addition Deleted – Suspicion on Lender’s Finances Cannot Replace Evidence Mumbai ITAT deleted substantial additions made u/s 68 (₹5.57 crore for AY 2012-13 and ₹10.45 crore for AY 2013-14) along with interest disallowance, holding that mere doubts about lender’s financial strength cannot justify addition without concrete evidence. The Tribunal observed: Additions were made solely based on Investigation Wing inputs and analysis of lenders’ balance sheets, not on any incriminating material or cash trail The assessee ...