AdvertisementITO Vs Bhagwati Prasad N Rungta (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai, decided the Revenue’s appeal against the order of the Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre (NFAC) for Assessment Year 2015-16, which had deleted an addition of ₹2,09,99,195 made under Section 68 of the Income-tax Act, 1961 in respect of unsecured loans received by the assessee from ten parties. During the relevant year, the assessee had obtained unsecured loans aggregating to ₹2,09,99,195 from ten entities. To verify the identity, creditworthiness of the len...