Section 68 Addition Deleted as Loans Confirmed and Taxed in Lenders’ Hands

Pancham Marketings Pvt. Ltd. Vs DCIT (ITAT Kolkata) Section 68 Addition Deleted – Loans Confirmed by Lenders and Assessed in Their Hands, AO’s Suspicion Held Unsustainable The Kolkata ITAT allowed the assessee’s appeal and deleted the addition of ₹2 crore made under Section 68 in respect of unsecured loans received from three corporate lenders. The Tribunal noted that the assessee had furnished complete details including PAN, audited accounts, confirmations and bank statements, and that all lenders had duly responded to notices issued under Section 133(6) confirming the transactions. T...