Addition made on Loan Amount u/s 68 of Act are based on Utter Suspicion and Conjectures: ITAT deletes Addition [Read Order]

By Aparna. M - On May 1, 2023 9:00 pm - 2 mins read

Addition made on Loan Amount - ITAT deletes Addition - Addition - Loan Amount - Utter Suspicion - Utter Suspicion and Conjectures - Conjectures - ITAT - Income tax - taxscan

The Delhi bench of Income Tax Appellate Tribunal (ITAT) recently held that additions made on loan amount under Section 68 of the Income Tax Act 1961 are based on uttar suspicion and conjectures.Therefore the bench deleted the addition made by the assessing officer. Section 68 of Income Tax Act deals with tax treatment of unexplained…

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