https://www.taxtmi.com/caselaws?id=762921 ITAT Ahmedabad allowed the assessee's appeal against additions under Section 68 and Section 115BBE. The tribunal found that loan transactions were conducted through banking channels with proper TDS deduction under Section 194A, corresponding interest income was declared by creditors in their returns, and loans were repaid through banking channels within a short period. The tribunal concluded that loan transactions could not be doubted and directed deletion of additions made by the AO under Section 68, consequently ruling that taxation under Section 115BBE did not arise. en-us Fri, 06 Dec 2024 00:00:00 +0530 Tue, 10 Dec 2024 08:58:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762921 ITAT Ahmedabad allowed the assessee's appeal against additions under Section 68 and Section 115BBE. The tribunal found that loan transactions were conducted through banking channels with proper TDS deduction under Section 194A, corresponding interest income was declared by creditors in their returns, and loans were repaid through banking channels within a short period. The tribunal concluded that loan transactions could not be doubted and directed deletion of additions made by the AO under Section 68, consequently ruling that taxation under Section 115BBE did not arise. Case-Laws Income Tax Fri, 06 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762921