Section 68 Addition Upheld as Assessee Failed to Prove Genuineness of Loan Transactions

Pavankumar M Sanghvi Vs ITO (ITAT Ahmedabad) The appeal before the ITAT Ahmedabad challenged the order of the Commissioner of Income Tax (Appeals) confirming additions of ₹20,00,000 under Section 68 of the Income Tax Act as unexplained cash credits and ₹3,66,041 towards disallowance of interest on unsecured loans received from Natasha Enterprises and Mohit International for Assessment Year 2007-08. The assessee, proprietor of Ravi Steels, had claimed to have received unsecured loans of ₹10 lakh each from Natasha Enterprises and Mohit International. The assessment, originally processed un...