Loan from Close Relatives & Friends cannot be treated as ‘Unexplained’ to invoke S. 68: ITAT [Read Order]

Loan - Close Relatives - Friends - ITAT - taxscan

The Income Tax Appellate Tribunal (ITAT), Chennai bench has held that the loan taken from close relatives and friends cannot be treated as unexplained cash credit in order to attract section 68. A division of the Tribunal comprising Shri Mahavir Singh, Vice President, and Shri G. Manjunatha, Accountant Member, while deleting the addition, observed that…

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Mr.Pakkeer Tulkarnai-Gulam Alam Shah vs Asst. Commissioner of Income Tax

Counsel for Appellant:   Mr.Sanat Kumar Raha

Counsel for Respondent:   Mr.M.Karunakaran


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