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No addition u/s. 68 towards unsecured loan if repayment in subsequent year accepted: ITAT Ahmedabad
Case Law Details
- Case Name
- DCIT Vs Tripoli Management Pvt. Ltd. (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Ahmedabad
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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...
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