No Additions can be made u/s 68 of Income Tax Act when the Identities of lenders are Proved and loans are Repaid: ITAT [Read Order]

of Income Tax Act - Identities of lenders are Proved - loans are Repaid - ITAT - taxscan

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) held that no additions can be made under Section 68 of the Income Tax Act, 1961 when the identities of the lenders are proved and loans are repaired. The assessee company filed its return of income declaring NIL income. The return of income was processed…

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