Section 68 inpplicable to Unsecured Loan Repaid by Cheque in next Year

DCIT Vs Asit Surendrabhai Shah (ITAT Ahmedabad) ITAT Ahmedabad held that provisions of section 68 of the Income Tax Act doesn’t attract as unsecured loan availed was repaid in the next financial year through cheque payments to the creditor and bank statement thereof was filed. Facts- The sole issue involved in all these appeals are unsecured loans received from Smt. Hansaben M. Patel, Shri Kamal Gohil and Shri Mukesh Jayantilal Shah by the respective assessees and the additions made by the Assessing Officer made u/s. 68 which were repaid in the next financial year by the assessees, therefore...