ITAT Deletes Section 69A Addition: No Bank Enquiry, No Basis to Treat ₹50 Lakh as Cash Loan

Bansi Fashion Private Limited Vs ITO (ITAT Mumbai) No Enquiry With Bank, Yet ₹50 Lakh Treated as ‘Cash Loan’? ITAT Deletes Section 69A Addition In a significant ruling, the Mumbai ITAT deleted a ₹50 lakh addition u/s 69A, holding that when loan transactions are fully supported by bank statements, ledger accounts and bank confirmations, the department cannot arbitrarily allege “cash loans” merely based on third-party search information. The case arose from search proceedings conducted in the Surana Group, where certain materials allegedly indicated that Bhagwati Marketing Co. had re...