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ITAT Delhi Rejects Bogus-Loan Charge; Lenders’ Creditworthiness Proven—SFIO Clean Report Saves Assessee

Case Law Details

Case Name : DCIT Vs Bright Buildtech Pvt. Ltd. (ITAT Mumbai)
Related Assessment Year : 2021-22
Courts : All ITAT ITAT Mumbai
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DCIT Vs Bright Buildtech Pvt. Ltd. (ITAT Mumbai) No Bogus Loan: ITAT Confirms Creditworthiness of lenders  & Rejects Revenue’s Doubts-  Shell-Company Allegation Fails: SFIO Clean Report Helps Assessee Win Before ITAT Delhi A search was conducted in the ACE & Rudra Group on 04.01.2022. Assessee filed ROI declaring loss of ₹15.43 crore. AO noted unsecured loans received from M/s Hallow Securities Pvt Ltd &  M/s Dhankalash Distributors Pvt Ltd. AO treated ₹9.60 crore from Hallow Securities & ₹25 lakh from Dhankalash as unexplained, invoking s.68 r.w.s.115BBE, &  al...
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Name: CA Vijayakumar Shetty
Qualification: CA in Practice
Company: Shetty & Co, Chartered Accountants, Mangalore
Location: Mangalore, Karnataka, India
Member Since: 17 Feb 2018 | Total Posts: 5361
CA Vijayakumar Shetty qualified in 1994 and in practice since then. Founding partner of Shetty & Co. He is a graduate from St Aloysius College, Mangalore . View Full Profile

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