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HomeDirect TaxS. 68 Addition Not Justified When Alleged Bogus Loan Is Repaid: ITAT

S. 68 Addition Not Justified When Alleged Bogus Loan Is Repaid: ITAT

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By Mariya Paliwala
S. 68 Addition Not Justified When Alleged Bogus Loan Is Repaid: ITAT

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The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that the addition under Section 68 of the Income Tax Act is not justified when an alleged bogus loan is repaid. The bench of T.R. Senthil Kumar (Judicial Member) and Annapurna Gupta (Accountant Member) has observed that has quashed a Rs. 50 lakh addition…

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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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