ITAT Jabalpur

Sec. 68 – Unexplained Credit Entries can only be added to the taxable income of the AY in which they occur

Rajesh Kumar Soni v. ITO (ITAT Jabalpur)

In a recent ruling, the ITAT Jabalpur, decided the case in favour of the assesse, deleting the additions made by the Assessing Officer towards sundry creditors amounting to Rs. 5.07 lacs. The court held that under Section 68 of the Income-Tax Act, 1961, only the amounts found credited during the impugned assessment year can be […]...

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Allowability of interest expenditure on borrowed funds

Yash Vehicles Pvt. Ltd. v. Addl. CIT (ITAT Jabalpur)

In our considered opinion, no prudent businessman would borrow funds on interest and keep his own funds idle. Besides, (he transaction of loan is also not third party transaction but the funds borrowed from the Indian Overseas Bank by the sister concern have been taken as loan by the assessee without any business necessity because its own...

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