Suspicion is not Evidence – Old Loans can’t be Taxed as Fresh Income – ITAT deletes ₹10.75 Cr Loan Addition

DCIT Vs Hotel Surbhi Palace India Private Limited (ITAT Delhi) Suspicion is not Evidence – Old Loans can’t be Taxed as Fresh Income – ITAT deletes ₹10.75 Cr Loan Addition Dehradun ITAT dealt with Revenue’s appeal against deletion of addition of ₹10.75 crore made on account of unsecured loans Assessee, engaged in hotel, restaurant & hospitality business, filed return declaring NIL income with business loss of ₹4.24 crore. AO completed assessment u/s 143(3) r.w.s. 144B assessing income at ₹11.17 crore. This included disallowance of ₹41.77 lakh u/s 35D, ₹34,070/- towar...