HC Deletes ₹10 Cr Addition: “Bogus” Loan Claims Rejected Due to Lack of Incriminating Material

PCIT Vs KRBL Infrastructure Ltd. (Delhi High Court) Delhi HC upholds deletion of ₹10 Cr loan addition as Assessee proved identity, creditworthiness & genuineness; “source of source” cannot be examined for AY 2014-15 In this appeal u/s 260A, Revenue challenged the ITAT order dated 08.06.2024 which had upheld the CIT(A)’s deletion of addition of ₹10,00,00,000/- towards unsecured loan received from M/s Shashi Foods India Pvt Ltd & interest of ₹1,03,10,760/- for AY 2014-15. The KRBL Group was subjected to search u/s 132 on 30.03.2016, pursuant to which the AO framed assessment ...