Loans repaid in the subsequent assessment years – No addition u/s 68 can be made: ITAT Gauhati
ITAT Gauhati held that
“……In our opinion, once the assessee has established that loans were repaid in the subsequent assessment years with cogent evidences then the addition u/s 68 of the Act cannot be made. We have also gone through the written submission filed by the ld. DR however, in view of the decision of the Hon’ble Jurisdictional High Court, we are inclined to respectfully follow the decision of Hon’ble Jurisdictional High Court that the assessee has repaid the loan then section 68 of the Act cannot be invoked…….”
The copy of the order is as under:
