ITAT Deletes Section 68 Addition on Genuine Loans from Relatives; Interest Allowed

Value Plus Retail Private Limited Vs DCIT (ITAT Kolkata) Unsecured Loans from Relatives Held Genuine – Section 68 Addition & Interest Disallowance Deleted The Kolkata ITAT partly allowed the assessee’s appeal and deleted the addition of ₹3.95 crore made under Section 68 in respect of unsecured loans taken from related parties and family members. The Tribunal noted that the assessee had furnished complete documentary evidence including confirmations, ITRs, bank statements and repayment details, clearly establishing the identity, creditworthiness and genuineness of the lenders. It was ...