Case Law Details
Case Name : Umakant Agrawal Vs DCIT (ITAT Mumbai)
Related Assessment Year : 2011-12
Courts :
All ITAT ITAT Mumbai
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Umakant Agrawal Vs DCIT (ITAT Mumbai)
ITAT Mumbai Deletes ₹1 Crore Section 68 Addition – Loan from Alleged “Hawala Operator” Found Genuine-
Hawala Tag Alone Insufficient – Generic Investigation Report Not Enough- Loan with Banking Trail & TDS Found Genuine
Facts
Assessee engaged in trading & commission business. ROI filed (30.09.2011) declaring income ₹2.09 Cr.
Case reopened u/s 147 based on Investigation Wing report that creditor Rajendra Drolia (M/s Sai Traders) was a hawala operator giving accommodation entries.
AO held ₹1 Cr unsecured loan received (March 2011) wa...
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