Turnover of a Company Alone Cannot be Considered as Source of Loan Advanced to Assessee, Secondary Onus Needs to be Proved: ITAT Deletes Income Tax Addition [Read Order]

By Ipsita Das - On July 15, 2023 10:00 am - 2 mins read

Turnover of a Company Alone Cannot be Considered as Source of Loan - Turnover of a Company - Source of Loan Advanced to Assessee - ITAT - Income Tax Addition - Taxscan

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) held that the turnover alone could not be considered as source of loan as advanced to the assessee, thus directed the Assessing Officer (AO) to delete the impugned addition. The assessee M/s. Sasi Enterprises is stated to be a partnership firm. The assessee admitted loan of…

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