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Third-Party Statement Alone Insufficient to Treat Loan as Bogus
Case Law Details
- Case Name
- DCIT Vs Metallica Metals India (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2020-21
- Courts
- All ITAT, ITAT Mumbai
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DCIT Vs Metallica Metals India (ITAT Mumbai)
153C Additions Can’t Rest on Third-Party Statements Alone: ITAT Mumbai Upholds Deletion of Unsecured Loan & Notional Interest
ITAT Mumbai (D Bench) in DCIT-CC-8(4) vs Metallica Metals India (ITA Nos. 4289 & 4290/Mum/2025; AYs 2019-20 & 2020-21; order dated 23.12.2025) has dismissed the Revenue’s appeals, affirming the deletion of additions u/s 68 and consequential commission/notional-interest additions made in search-related assessments u/s 153C.
Pursuant to a search u/s 132 in a third-party case, the AO treated an unsecured loan...
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