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Sec 68 Addition on Opening Loans Deleted; Interest & Salary Allowed – ITAT Bangalore
Case Law Details
- Case Name
- Channamma Rachappa Saradagi Vs ITO (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2022-23
- Courts
- All ITAT, ITAT Bangalore
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Channamma Rachappa Saradagi Vs ITO (ITAT Bangalore)
Section 68 Addition on Opening Loan Balances Deleted – Interest on MSME/Gold Loan & Salary Payments Allowed – CIT(A) Order Set Aside – ITAT Bangalore
Assessee, proprietor of M/s Srinidhi Transports, engaged in hiring and leasing of transport vehicles, filed return declaring income of ₹4.19 lakh. During scrutiny assessment u/s 143(3) r.w.s. 144B, AO made three additions: ₹1.45 crore u/s 68 for unsecured loans, ₹2.21 lakh disallowance of interest u/s 36(1)(iii) on MSME/gold loans, and ₹12.09 lakh disal...
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