Section 68 Addition Cannot Be Sustained as Suspicion Alone Is Not Evidence: ITAT Delhi

Advertisement Cinflex Infotech Pvt. Ltd. Vs ACIT (ITAT Delhi) Section 68 Addition Deleted Because Assessee Proved Identity, Creditworthiness and Genuineness of Loans;  Interest Disallowance Reduced Because Actual Interest Paid Must Be Considered; ITAT Restricts Section 36(1)(iii) Disallowance Because CIT(A) Applied Notional Interest Rate;  Loans Held Genuine Because Documentary Evidence and Subsequent Repayment Supported Transactions. The cross-appeals before the ITAT Delhi arose from the order of the Commissioner of Income Tax (Appeals) for Assessment Year 2017-18. The assessee challenge...