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ITAT Chennai Strikes ₹1.86 Cr Loan Addition u/s 68, Sends Cash-Payments & TDS Disputes Back for Real-Check
Case Law Details
- Case Name
- SP Coal Resources Pvt. Ltd. Vs ACIT (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Chennai
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SP Coal Resources Pvt. Ltd. Vs ACIT (ITAT Chennai)
ITAT Chennai Strikes ₹1.86 Cr Loan Addition u/s 68, Sends Cash-Payments & TDS Disputes Back for Real-Check
Assessee company, engaged in the coal-trading business, filed its income tax return for AY 2016-17 & came under scrutiny. AO treated unsecured loans of ₹1.86 crore from directors as unexplained cash credits u/s 68, disallowed approximately ₹1.01 crore of cash payments to transporters & suppliers u/s 40A(3), & added ₹1.64 lakh u/s 40(a)(ia) on account of alleged non deduction of TDS. CIT(A) confirme...
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