ITAT Directs Deletion of ₹2.7 Crore Addition as AO Failed to Dispute Loan Transaction Evidences

Joy Consolidated Pvt. Ltd. Vs ITO (ITAT Kolkata) Income Tax Appellate Tribunal (ITAT) Kolkata has set aside the order of the Commissioner of Income-tax (Appeals) [CIT(A)] and directed the deletion of an addition of Rs. 2,70,30,857/- made under Section 68 of the Income Tax Act against Joy Consolidated Pvt. Ltd. The addition, comprising share application money, share premium, and unsecured loans, was deemed an “unexplained cash credit” by the Assessing Officer (AO). The Tribunal’s decision, pronounced on June 12, 2023, emphasized that the assessee had provided ample documentary...