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No addition under Section 68 for loan received in earlier years
Case Law Details
- Case Name
- Sanjay Mehta Vs ACIT (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Kolkata
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Sanjay Mehta Vs ACIT (ITAT Kolkata)
We find that the assessee took a loan of Rs. 4 lakhs from M/s. Attitude Merchants Pvt. Ltd in preceding year. A perusal of confirmation of accounts placed at page 33 of the P.B dt. 23-11-20 for the F.Y 201314 relevant to A.Y 2014-15 shows that there was an opening credit balance of Rs. 7 lakhs as on 1-4-2013. The assessee took a loan of Rs. 4 lakhs on 1-1-2014. Interest was paid and TDS was deducted and the closing balance was at Rs. 11,00,000/-. Further, during the year under appeal i.e F.Y 2014-15 from perusal of paper book at page-34, w...
