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

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...