Section 68 Fails When Loan Is Repaid and Properly Documented: ITAT Kolkata

Tug Indofin Pvt. Ltd. Vs DCIT (ITAT Kolkata) Unsecured Loan and 14A Disallowance Both Deleted: ITAT Kolkata Grants Full Relief to NBFC for AY 2017-18 The Kolkata ITAT allowed the assessee’s appeal and deleted both the addition of ₹40 lakh made under Section 68 and the further disallowance of ₹19.45 lakh under Section 14A read with Rule 8D in the case of Tug Indofin Pvt. Ltd. for AY 2017-18. On the unsecured loan issue, the Tribunal held that the assessee had fully discharged its onus by furnishing PAN, ROC data, audited financials, ITRs, confirmations and bank statements of the lender co...