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Repayment Proves Genuineness – Unsecured Loans Accepted, Addition Removed
Case Law Details
- Case Name
- AUM Citiscapes LLP Vs ITO (ITAT Pune)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-2019
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AUM Citiscapes LLP Vs ITO (ITAT Pune)
Assessee, an LLP engaged in real estate business, declared NIL income. AO made multiple additions including huge additions to closing stock & capitalization of expenses, apart from addition u/s 68 at Rs.17.90 lakh for unsecured loans from five persons.
CIT(A) deleted all additions except the u/s 68 addition of Rs.17.90 lakh. Before Tribunal, Assessee furnished complete details—PAN, address, confirmations, cheque numbers, ledger accounts, repayment details, interest payments with TDS compliance. Out of Rs.17.90 lakh, Rs.13.90 lakh stood fully repaid; ...
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