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Loan routed through banking channels & repaid with interest & TDS – Section 69A Addition deleted

Case Law Details

Case Name : ACIT Vs Mahadev Shipbreakers Pvt. Ltd. (ITAT Ahmedabad)
Related Assessment Year : 2017-18
Courts : All ITAT ITAT Ahmedabad
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ACIT Vs Mahadev Shipbreakers Pvt. Ltd. (ITAT Ahmedabad) Ahmedabad ITAT Confirms Loan Transaction – Revenue’s 69A Addition Deleted- AO’s Sweeping Allegations Insufficient – Loan to KCPL Held Genuine-  Loan Through Banking Channels Accepted as Genuine Revenue appealed against the order of CIT(A)/NFAC dated 13.02.2025 deleting addition of ₹80,94,875 made by AO u/s 69A. The case was reopened u/s 147 based on information from search in Jignesh Shah group alleging that Kasturi Commodities Pvt. Ltd. (KCPL) was an accommodation entry provider & had routed ₹80.94 lakh to the Assessee. ...
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Author Bio

Name: CA Vijayakumar Shetty
Qualification: CA in Practice
Company: Shetty & Co, Chartered Accountants, Mangalore
Location: Mangalore, Karnataka, India
Member Since: 17 Feb 2018 | Total Posts: 5443
CA Vijayakumar Shetty qualified in 1994 and in practice since then. Founding partner of Shetty & Co. He is a graduate from St Aloysius College, Mangalore . View Full Profile

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