Interest payment on cash loan covered u/s 69C as unexplained expenditure

Advertisement Shyam Sundar Dhanuka Vs Union of India (Calcutta High Court) Held that payment of interest on cash loan falls within the ambit of unexplained expenditure within the meaning of Section 69C of the Income Tax Act. Facts- The appellant filed the present writ petition challenging the order passed by the first respondent u/s. 148A(d) of the Income Tax Act, 1961 and the consequential notice issued u/s. 148 of the Act. AO has held that the appellant assessee has availed cash loan to the tune of Rs. 40,70,00,000/- through finance broker Kaseras, other different lenders and it has also ...