Case Law Analysis
|Income Tax Appellate Tribunal
Repayment of unsecured loan within same FY defeats Section 68 deemed income addition | ITAT Jaipur
The ITAT ruled that an unsecured loan taken and fully repaid within the same financial year cannot be treated as unexplained income under Section 68, provided the assessee furnishes satisfactory documentary evidence. This prevents automatic tax additions on short-term loans and safeguards businesses from unwarranted tax liability.