ITAT Chennai Upholds Deletion of ₹2 Crore Loan Addition – Loan Already Taxed in Borrower’s Hands

DCIT Vs Rathinam Prabakaran (ITAT Chennai) ITAT Chennai Upholds Deletion of ₹2 Crore Loan Addition – Loan Already Taxed in Borrower’s Hands- Same Transaction Cannot Be Taxed Twice – Loan in Seized Material Belonged to Borrower, Not Assessee Chennai ITAT examined Revenue’s appeal against deletion of addition of ₹2 crore as unexplained investment. The Assessee, an individual & partner in money-lending firms, filed return declaring ₹5,08,180. AO reopened assessment u/s 147 on the basis that he advanced ₹2 crore loan to one Shri Seetharaman during FY 2014-15. Assessee denied th...