Addition u/s 68 - assessee received unsecured loans from various ...
Income Tax
April 8, 2024
Addition u/s 68 - assessee received unsecured loans from various parties - The AO had held that the unsecured loans received by the assessee were a sham transaction to introduce its own unexplained money into the account. - The Tribunal reviewed the findings of the lower authorities and the submissions of both parties. They noted that the assessee had established a clear chain of funds and provided necessary details, including income offered before the settlement commission. The Tribunal upheld the CIT(A)'s decision, emphasizing that once an amount is taxed, it cannot be taxed again. Therefore, they confirmed the deletion of the additions.
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