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Loans Repaid – Section 68 Cannot Apply: ITAT Kolkata
Case Law Details
- Case Name
- NG Brothers Vs ACIT (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Kolkata
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NG Brothers Vs ACIT (ITAT Kolkata)
Loans Repaid—Section 68 Cannot Apply
These five appeals—three quantum & two penalty—arose from NFAC orders for AYs 2014-15, 2015-16 & 2016-17, concerning additions u/s 68 toward unsecured loans, consequential disallowances of commission & interest, & levy of penalty u/s 271(1)(c). The Tribunal disposed all appeals through a consolidated order.
AY 2014-15
AO treated unsecured loans of ₹22 lakh (Shresth Builders Pvt Ltd) & ₹50 lakh (BSR Finance & Constructions Pvt Ltd) as unexplained cash credits u/s 68 on the ground that Inspe...
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