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 Condones 216-Day Delay in Income Tax Appeal, Remands Case to CIT(A) for Fresh Hearing on MeritsITAT Gives Taxpayer Another Chance, Orders Fresh Assessment After Condoning DelayITAT Sets Aside Rejection of Charitable Trust’s Section 12AB Registration Application, Remands Case to CIT(E) for Fresh ConsiderationITAT Remands Section 80G Approval Application to CIT (Exemptions) for Fresh Consideration in Light of CBDT Circular on Delay Condonation
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
2889My Recent Articles
- ITAT Sets Aside Rejection of Charitable Trust’s Section 12AB Registration Application, Remands Case to CIT(E) for Fresh Consideration
- Can Same-Sex Partners Claim Tax Exemption on Gifts as Spouses? Karnataka High Court to Examine
- ITAT Remits Section 80G Renewal Application to CIT(E) for Fresh Consideration in Light of CBDT Circular
- Dreamfolks Services Faces Rs 1.58 Crore IGST Demand Over ITC Availment on Invoices Issued by GST-Cancelled Supplier
- ITAT Restores Taxpayer's Appeal In Interest of Natural Justice After CIT(A)'s Failure to Decide Appeal on Merits
Up Next
Loading suggestions…
Recent Posts
All Posts
Recent Posts
All Posts