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No Proof, No Addition: ITAT Deletes ₹25 Crore 69A Cash-Loan Allegation
Case Law Details
- Case Name
- DCIT Vs Nivedan Fin-Invest Lese Limited (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Delhi
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DCIT Vs Nivedan Fin-Invest Lese Limited (ITAT Delhi)
Suspicion ≠ Evidence: 12% Theory Collapses: ITAT Delhi Deletes Entire ₹25 Cr 69A Addition- Revenue’s ₹25 Cr Cash-Loan Story Dismissed
Revenue appealed deletion of addition of ₹25 crore made by AO u/s 69A alleging that Assessee, an NBFC, had advanced a cash loan to JBK Developers based solely on statements of two Airwill Group directors claiming 12% interest cash loans & on WhatsApp/mobile data showing an entry of ₹35 lakh “interest”.
Tribunal noted that Assessee had already undergone scrutiny u/s 143(3)...
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