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Section 68 Addition Upheld as Assessee Failed to Prove Genuineness of Loan Transactions
Case Law Details
- Case Name
- Pavankumar M Sanghvi Vs ITO (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2007-08
- Courts
- All ITAT, ITAT Ahmedabad
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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...
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