ITAT Sustains Additions u/s 68, Denies Deduction for LIC Premium and Tuition Fees; Dismisses Assessee’s Appeal [Read Order]
The tribunal noted that the lenders claimed to be agriculturists, but their small land holdings made it unlikely that they could extend large loans. Furthermore, no PAN details or bank account statements were provided for verification
By Adwaid M S - On March 10, 2025 9:57 am - 2 mins read
The Income Tax Appellate Tribunal (ITAT) Hyderabad Bench upheld the additions made under Section 68 of the Income Tax Act, 1961, treating unexplained cash credits as taxable income. The tribunal also denied deductions under Section 80C for LIC premium and tuition fees due to a lack of documentary evidence. As a result, both appeals filed by…
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