ITAT upholds deletion of ₹8 Crores Addition due to Lack of Evidence for Unexplained Credit [Read Order]

The tribunal ruled that the loan was genuine and met the necessary legal conditions, leading to the removal of the addition for lack of sufficient evidence to prove it was unexplained credit
ITAT - ITAT Ahmedabad - Evidence - Taxscan

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) upheld the deletion of the ₹8 crores addition made under Section 68 of the Income Tax Act,1961,due to insufficient evidence to support the claim of unexplained credit. Ardor Overseas Pvt. Ltd.,the appellant-assessee, was involved in a land transaction with Nikshal Properties Pvt. Ltd. during the assessment…

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