Addition u/s 68 - Since the assessing officer treated the ...

Unsecured Loan Not Treated as Unaccounted Income; No Additions Made u/s 68 Due to Lack of Evidence.

January 19, 2021

Case Laws Income Tax AT

Addition u/s 68 - Since the assessing officer treated the unsecured loan as unaccounted received consequent interest was also disallowed. AO without any material evidence on record treated the unsecured loan as unaccounted amount received only on the basis of a statement of one of the partner. Though, confirmation of unsecured loan was furnished to the assessing officer. The assessee also furnished the TDS deducted on the interest paid on unsecured loan as well as copy of TDS return. - No additions - AT

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Addition u/s 68 - Since the assessing officer treated the ...

Unsecured Loan Not Treated as Unaccounted Income; No Additions Made u/s 68 Due to Lack of Evidence.

January 19, 2021

Case Laws Income Tax AT

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