Case Law Analysis
|Income Tax Appellate Tribunal
Section 68 IT Act | Family Loans Up to ₹2.5 Lakh Valid with Bank Statements & Affidavit : ITAT Pune
ITAT Pune rules that unsecured loans from family members under Section 68 of the Income Tax Act are valid if identity, genuineness, and creditworthiness up to ₹2.5 lakh are established through bank statements and affidavits. This sets a precedent for taxpayers to defend cash credits from close relatives without tax additions, provided documentary evidence is furnished.