Pharma Company’s Loan Treated as Bogus; ITAT Holds PAN, Confirmation and Banking Trail Do Not Prove Genuine Creditworthiness The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has upheld an addition of Rs.10 lakh under Section 68 of the Income Tax Act, 1961, holding that mere submission of PAN, bank statements and loan confirmations…
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