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ITAT Mumbai: ₹9.87 Cr. Bogus Loan Additions Deleted – Creditors’ Documents Accepted
Case Law Details
- Case Name
- ACIT Vs Jamini Industries Private Limited (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Mumbai
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ACIT Vs Jamini Industries Private Limited (ITAT Mumbai)
ITAT Mumbai: ₹9.87 Cr. Bogus Loan Additions Deleted – Creditors’ Documents Accepted
Background
Assessee, engaged in textile manufacturing & trading, filed returns declaring losses.
AO made additions of ₹4.15 Cr. (AY 2014-15) & ₹5.72 Cr. (AY 2015-16) as unexplained cash credits u/s 68, treating unsecured loans as bogus.
Also disallowed related interest payments (₹34.6 lakh & ₹63.3 lakh).
Basis: Investigation Wing report (Kolkata) stating creditors were not traceable; some were only entry providers.
CIT(A) deleted...
Author Info
