No Section 68 Addition After Full Repayment of Loans Already Examined in Search Assessment

Sen Ferro Alloys Pvt Ltd Vs ACIT (ITAT Kolkata) Following a search, the assessee’s assessments for AYs 2014-15 and 2015-16 were originally completed under section 153A/143(3) after detailed enquiries. During those proceedings the Assessing Officer had specifically called for complete details of unsecured loans, including confirmations, bank statements and source of funds of the lenders, and the assessee had furnished the same (see the detailed loan confirmations and replies  . Subsequently, the AO reopened the assessments alleging that certain loans were accommodation entries routed through...