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Short-Term Commercial Loan Repaid with Interest Cannot Be Branded as Bogus Entry: ITAT Deletes ₹80 Lakh Section 68 Addition
Case Law Details
- Case Name
- ITO Vs Sagar Vyapaar Pvt. Ltd. (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Kolkata
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ITO Vs Sagar Vyapaar Pvt. Ltd. (ITAT Kolkata)
Short-Term Commercial Loan Repaid with Interest Cannot Be Branded as Bogus Entry: ITAT Deletes ₹80 Lakh Section 68 Addition
The Kolkata ITAT upheld deletion of ₹80 lakh addition made under Section 68 after holding that a short-term commercial loan received and repaid through banking channels with interest and TDS compliance cannot be treated as a bogus accommodation entry merely on the basis of investigation wing allegations.
The reassessment against Sagar Vyapaar Pvt. Ltd. was reopened alleging that the assessee had received a...
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