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Section 68 Addition Fails Where AO Makes No Inquiry: Unsecured Loans Accepted
Case Law Details
- Case Name
- Surender Singh Sangwan Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Delhi
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Surender Singh Sangwan Vs ITO (ITAT Delhi)
Assessee received unsecured loans aggregating to Rs.1.05 crore from five individuals and duly furnished confirmations, affidavits, PAN, Aadhaar, bank statements and ITR details wherever applicable. All loans were received through banking channels. AO, however, made addition u/s 68 solely on the ground of alleged lack of creditworthiness of lenders, without issuing summons u/s 131 or notices u/s 133(6) and without conducting any independent inquiry. CIT(A) confirmed the addition.
ITAT deleted the addition holding that Assessee had disc...
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