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        Case ID :
        Income Tax

        Addition under s. 68 for unsecured loans was held unsustainable...

        Unsecured loan credits under s. 68 backed by confirmations and bank transfers; addition deleted, expense disallowance cut to 5%

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                Addition under s. 68 for unsecured loans was held unsustainable where the assessee furnished confirmations/affidavits, bank statements showing availability of funds, and banking-channel transfers, thereby establishing identity, creditworthiness, and genuineness; the AO, despite having complete particulars, made no independent verification by issuing summons/notices under s. 133(6) and relied only on suspicion regarding low income or cash deposits, which could not substitute evidence, and the Finance Act, 2022 second proviso to s. 68 was held inapplicable to AY 2016-17; the addition was deleted. Ad hoc disallowance of expenses for want of vouchers was restricted from 20% to 5% as reasonable. - ITAT
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