Section 68 Addition Set Aside as Onus of Proof Was Discharged

Sabbirbhai Abdeali Gangardiwala Vs ITO (ITAT Ahmedabad) Section 68 Addition Deleted — Friendly Loans Cannot Be Disbelieved Merely for Want of Loan Agreement, Interest or Repayment The Ahmedabad ITAT (SMC Bench) allowed the assessee’s appeal for AY 2019-20 and deleted the addition of ₹39 lakh made under section 68 in respect of unsecured loans. The Tribunal held that the assessee had discharged the initial onus by furnishing confirmations on stamp paper, PAN details, NRI status documents, business licences of overseas lenders, and bank statements evidencing receipt through banking channel...