If Identity, Credit Worthiness, And Genuineness Of Transaction Established, Loan Can't Be Treated As Unexplained U/s 68: Ahmedabad ITAT

On finding that the Revenue has grossly erred by treating the element of interest on the alleged loan as bogus in nature, the Ahmedabad ITAT held that the loan amount cannot be made subject to addition under the provisions of section 68 of the Income tax Act, 1961, since loan was taken through banking channel and was repaid in the next year along with interest through banking channel and TDS...