Taxpayer submits ITRs and Bank statements for Proving Genuineness of Unsecured Loan: ITAT deletes addition u/s 68 [Read Order]

The assessee submitted ledger copies, confirmation letters, bank statements, ITRs and annual reports for proving genuineness of unsecured loan
By Aiswarya Krishnadas - On March 15, 2024 1:35 pm - 2 mins read
ITAT - ITAT Ahmedabad - ITR - Income Tax - Income Tax Return - Loan - Unsecured Loan - taxscan

After the taxpayer presented Income Tax Returns ( ITRs ) and bank statements to demonstrate the authenticity of the unsecured loan, the Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) removed the addition under Section 68 of the Income Tax Act, 1961. The case involved a private limited company operating in the…

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