No section 68 addition for loan transaction with father on mere suspicion

Girish Madhukar Rathi Vs DCIT (ITAT Pune)

The issue under consideration is that confirming the addition made u/s 68 by A.O. in respect of the loan taken from father of the appellant on mere suspicion.

ITAT have heard both the sides on this limited issue of making addition u/s 68 of the Act. It is an undisputed fact that the assessee has Running Account in matters of taking loans from Shri Madhukar Rathi (father) and Shri Madhukar Rathi in turn taking loans from Rahul Anil Birla and Nand Sales Corporation. The said tra

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