Section 68 Addition Cannot Be Made Merely Because AO Doubts Source From Where Lenders Obtained Funds: ITAT:
The ITAT deletes an addition of Rs 17.08 crore unsecured loans, holds an Section 68 addition cannot be sustained merely because the AO doubts the source from which the lenders obtained their funds.
ITAT Mumbai Deletes Rs 17.08 Crore Unsecured Loans Addition
Saloni Kumari
Jun 3, 2026
Premium
Section 68 Addition Cannot Be Made Merely Because AO Doubts Source From Where Lenders Obtained Funds: ITAT
The ITAT deletes an addition of Rs 17.08 crore unsecured loans, holds an Section 68 addition cannot be sustained merely because the AO doubts the source from which the lenders obtained their funds.
Also Read
ITAT Restores TDS Credit Case After Finding Merit in Reimbursement ExplanationITAT Rejects Business Loss Claim Over Colourable Advisory ArrangementITAT Allows Section 10(38) LTCG Exemption and Deletes Rs 12.62 Lakh Penny Stock Addition After Finding No Evidence of Accommodation EntryITAT Deletes Rs 9.66 Lakh Disallowance on Foreign Commission, Holds TDS Under Section 195 Not Applicable Where Services Rendered Outside India
About Author
Saloni Kumari
Content Writer
Saloni is a Content Writer with 2+ years of experience at studycafe.in. She writes legal, taxation, and finance related content including GST, Income Tax etc. Skilled in translating complex judicial pronouncements and regulatory developments into clear, and reader-friendly articles. Experienced in covering judgements of ITAT, High Court, GSTAT, and news related to Income Tax, GST, and corporate law. She can be reached at [email protected].
Saloni is a Content Writer with 2+ years of experience at studycafe.in. She writes legal, taxation, and finance related content including GST, Income Tax etc. Skilled in translating complex judicial pronouncements and regulatory developments into clear, and reader-friendly articles. Experienced in covering judgements of ITAT, High Court, GSTAT, and news related to Income Tax, GST, and corporate law. She can be reached at [email protected].
StudyCafe
Delhi, Delhi, India
2668My Recent Articles
- ITAT Restores TDS Credit Case After Finding Merit in Reimbursement ExplanationPremium
- ITAT Allows Section 10(38) LTCG Exemption and Deletes Rs 12.62 Lakh Penny Stock Addition After Finding No Evidence of Accommodation EntryPremium
- ITAT Remands Section 40(a)(i) Disallowance Dispute to CIT(A) Over Rs 2.35 Crore Payment to Singapore FirmPremium
- CBI Arrests Absconding Accused in Rs 17.22 Crore Chit-Fund Scam Case
- Telangana GST Fraud: Scammers Generate 730 Fake Invoices, E-Way Bills Worth Rs 183.6 Crore
Up Next
Loading suggestions…
Recent Posts
All Posts
Recent Posts
All Posts