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Intra-Group Loan Restructuring & Partner Account Reclassification Not Bogus Credits
Case Law Details
- Case Name
- JCIT (OSD) in charge of DCIT Vs Geopreneur Realty Private Limited (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Mumbai
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JCIT (OSD) in charge of DCIT Vs Geopreneur Realty Private Limited (ITAT Mumbai)
Section 68 Addition Deleted: Intra-Group Loan Restructuring and Partner Account Reclassification Not Bogus Credits
The assessee, a real estate company, had originally borrowed from two NBFCs. During the year, its holding company (GCPL) took a fresh loan from another NBFC and directly repaid those NBFC dues on behalf of the assessee. As a result, the assessee’s old NBFC loans got replaced by a loan payable to its holding company through journal entries. Complete documentation was furnished, includ...
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