Unsecured Loans from Paper Entities Are Unexplained Cash Credits u/s 68: ITAT Mumbai

Advertisement J. K. Global Vs ITO (ITAT Mumbai) The assessee filed three appeals before the Income Tax Appellate Tribunal (ITAT), Mumbai, challenging separate orders of the National Faceless Appeal Centre (NFAC) for Assessment Years 2010-11, 2011-12 and 2012-13. Since the facts and issues were identical, the Tribunal disposed of all three appeals through a common order. The dispute related to additions made under Section 68 in respect of unsecured loans received during the relevant years and the consequential disallowance of interest paid on those loans. For AY 2010-11, the assessee had rec...