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Bogus Loan Allegation Rejected After Proof of Repayment
Case Law Details
- Case Name
- DCIT Vs Arun Engineering Udyog Private Limited (TAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2022-23
- Courts
- All ITAT, ITAT Kolkata
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DCIT Vs Arun Engineering Udyog Private Limited (TAT Kolkata)
Unsecured Loans Repaid with Interest Can’t Be Branded Bogus: ITAT Kolkata Upholds Deletion of ₹46 Lakh u/s 68
Kolkata ITAT ‘A’ Bench dismissed the Revenue’s appeal for AY 2022-23 and upheld the deletion of addition of ₹46 lakh made u/s 68 towards alleged bogus unsecured loans. Tribunal noted that the assessee had furnished complete evidences before the AO establishing identity, creditworthiness & genuineness of loan creditors, and the AO himself recorded a finding that the loans were subsequently repaid along with int...
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