No addition u/s. 68 towards unsecured loan if repayment in subsequent year accepted: ITAT Ahmedabad

DCIT Vs Tripoli Management Pvt. Ltd. (ITAT Ahmedabad) ITAT Ahmedabad held that addition u/s. 68 on account of unexplained cash credit, being bogus unsecured loan, and u/s. 69C on account of unexplained expenditure, being bogus interest claimed, unjustified as repayment of loans in subsequent year accepted. Facts- Assessee-company was engaged in the business of Non-Banking Finance Companies. During the assessment proceedings, the AO observed that the assessee-company has taken unsecured loan amounting to Rs.55,05,27,020/- and paid interest thereon amounting to Rs.3,94,15,139/-. Post enquiry, AO...