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Mere Search Allegations Against Lender Cannot Make Every Loan Bogus: ITAT Mumbai
Case Law Details
- Case Name
- Kalpana Ramesh Jain Vs DCIT (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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Kalpana Ramesh Jain Vs DCIT (ITAT Mumbai)
ITAT Deletes ₹50 Lakh Addition – Mere Search Allegations Against Lender Cannot Make Every Loan Bogus
The Mumbai ITAT deleted an addition of ₹50 lakh made u/s 69A in respect of an unsecured loan received through banking channels from M/s Aneri Fincap Ltd. The reassessment was triggered based on search proceedings conducted in the case of “One World Group”, where certain entities including the lender were allegedly found involved in accommodation entry operations. The AO treated the loan as non-genuine and also disallowed c...
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