Repayment Proves Genuineness – Unsecured Loans Accepted, Addition Removed

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 TD

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