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Cash Loan advanced in Earlier Years Cannot Be Taxed in Current Year
Case Law Details
- Case Name
- Dhanaraja Babu Ganesh Vs ITO (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Bangalore
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Dhanaraja Babu Ganesh Vs ITO (ITAT Bangalore)
In the case of Dhanaraja Babu Ganesh vs ITO, the ITAT Bangalore addressed the issue of taxing a cash loan advanced by the assessee in earlier assessment years. The assessee had given a cash loan of Rs. 4.75 crore to one Sri Madhukar during the financial years 2015-2017. However, the Assessing Officer (AO) added this amount as unexplained cash credit under Section 68 of the Income Tax Act for the assessment year 2018-19, despite the fact that the loan transaction had taken place in the earlier years. This was done following a reassessment order unde...
