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Addition towards unsecured loans unsustainable as genuineness established
Case Law Details
- Case Name
- Shital Builders Vs ITO (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2009-2010
- Courts
- All ITAT, ITAT Ahmedabad
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Shital Builders Vs ITO (ITAT Ahmedabad)
ITAT Ahmedabad held that all necessary details and evidences to establish genuineness of the unsecured loans duly furnished by the assessee, accordingly, addition towards the same unsustainable.
Facts- The assessee firm is engaged in the business of construction work as developer of buildings, commercial complex, residential complex, bungalows, road projects etc. During the year under consideration, the assessee had constructed a commercial complex “Shital Varsha-V” at Shivranjani Cross Road, Ahmedabad, and shown gross receipt of Rs.3.75 crores on wh...
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