https://www.taxtmi.com/caselaws?id=763838 ITAT Kolkata dismissed revenue's appeal regarding addition under Section 68 of Income Tax Act. The assessee had repaid the questioned loan during the assessment year, eliminating any outstanding balance. Following precedents from Gujarat HC in Ambe Tradecorp case and ITAT Kolkata in Sandip Kumar Gupta case, the tribunal held that loan additions should be deleted when repaid within the financial year. The assessee provided adequate evidence during assessment proceedings, satisfying requirements for identity, creditworthiness and genuineness of transactions. Since the assessee was not the beneficial owner of the loan during the assessment year and had discharged the liability, Section 68 provisions were not applicable. en-us Tue, 05 Nov 2024 00:00:00 +0530 Sat, 28 Dec 2024 20:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763838 ITAT Kolkata dismissed revenue's appeal regarding addition under Section 68 of Income Tax Act. The assessee had repaid the questioned loan during the assessment year, eliminating any outstanding balance. Following precedents from Gujarat HC in Ambe Tradecorp case and ITAT Kolkata in Sandip Kumar Gupta case, the tribunal held that loan additions should be deleted when repaid within the financial year. The assessee provided adequate evidence during assessment proceedings, satisfying requirements for identity, creditworthiness and genuineness of transactions. Since the assessee was not the beneficial owner of the loan during the assessment year and had discharged the liability, Section 68 provisions were not applicable. Case-Laws Income Tax Tue, 05 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763838