ITAT Deletes Addition: Borrower Can’t Be Penalised When Loan Accepted in Lender’s Case

Passion Realtech Pvt. Ltd. Vs ACIT (ITAT Delhi) Loans Accepted in Lender’s Own Assessment Can’t Be Branded Bogus in Borrower’s Hands: ITAT Deletes ₹4.87 Cr Addition The Delhi Bench “E” of the ITAT, in Passion Realtech Pvt. Ltd. v. ACIT (AY 2017-18), deleted an addition of ₹4.87 crore made under section 68 on account of unsecured loans, holding that the Revenue cannot take contradictory stands in the case of the lender and the borrower. The assessee, a real estate company, had received loans from M/s Height Propcon Pvt. Ltd. and furnished complete documentary evidence including co...