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HomeDirect TaxS. 68 Addition on Opening Loan Balances Held Unsustainable: ITAT

S. 68 Addition on Opening Loan Balances Held Unsustainable: ITAT

Direct Tax

Published on

By Mariya Paliwala
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The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has upheld the deletion of an addition of Rs. 55.49 crore made under Section 68 of the Income-tax Act, 1961. The bench of Anikesh Banerjee (Judicial Member) and Prabhash Shankar ( Accountant Member) has observed that the AO had proceeded on closing balances instead of…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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