ITAT upholds Deletion of Additions for Unsecured Loans due to Insufficient Evidence u/s 68 and 69C of Income Tax Act [Read Order]
The bench held that the findings of the AO were based on assumptions rather than solid evidence, and the assessee had satisfactorily demonstrated the genuineness of the transactions
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) has upheld the deletion of additions made under sections 68 and 69C of the Income Tax Act, 1961, citing insufficient evidence to justify the claims of unsecured loans being non-genuine. The appeal was filed by the Revenue against the order dated 19.10.2023 passed…
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