Monies received through regular banking channels, reflected in ...

Legitimacy of Loans Established Through Banking Records and Lender Confirmations, No Tax Addition Warranted.

December 27, 2024

Case Laws Income Tax AT

Monies received through regular banking channels, reflected in balance sheet. Lender furnished confirmations and director's statement recorded. No incriminating evidence found during search. Running account with lender evident from ledgers for multiple years. Source of lender's funds proved. ITAT held genuineness of transactions established, no addition u/s 68 warranted. Decided in assessee's favour.

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Monies received through regular banking channels, reflected in ...

Legitimacy of Loans Established Through Banking Records and Lender Confirmations, No Tax Addition Warranted.

December 27, 2024

Case Laws Income Tax AT

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