The Mumbai ITAT ruled that discrepancies in loan repayment figures due to an unpresented cheque cannot solely justify additions under Section 68. The Tribunal ordered limited verification of subsequent payments to clarify taxability.
Wrong Section Mention Is Curable, But Addition Needs Valid Legal Basis: ITAT Mumbai
The Mumbai ITAT ruled that discrepancies in loan repayment figures due to an unpresented cheque cannot solely justify additions under Section 68. The Tribunal ordered limited verification of subsequent payments to clarify taxability.
Citations
- Income Tax Appellate Tribunal, Mumbai (2026)
Source:taxguru.in