Opening Balance of Unsecured Loan cannot be treated as ‘Unexplained’: ITAT deletes Addition u/s 68 [Read Order]

Opening Balance - Unsecured Loan - ITAT - taxscan

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench has held that the opening balance of the unsecured loan cannot be treated as “unexplained” and deletes addition under section 68. The assessee, Rahul Kantilal Shah is an individual and is a partner in partnership firms engaged in real estate and the development of properties. During the…

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