No Addition shall be made u/s 68 of Income Tax Act when creditworthiness of Loan provider through Banking Channel satisfactorily explained: ITAT [Read Order]

By Aparna. M - On October 31, 2023 9:30 am - 2 mins read

addition - Income Tax Act - creditworthiness of loan provider - banking channel - satisfactorily explained - ITAT - taxscan

The Income Tax Appellate Tribunal (ITAT), Surat bench, held that an addition shall not be made under section 68 of the Income Tax Act, 1961 when the creditworthiness of the loan provider through the banking channel is satisfactorily explained. The assessee, Hasmukhbhai Ravjibhai Ahir, after filing the return of income, had his case selected for…

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Topics

Addition Assessing Officer CIT(A)creditworthiness ITAT Surat Pawan Singh Section 68 of Income Tax Act