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ITAT Ahmedabad Upholds CIT(A) Order Allowing Unsecured Loans & Housing Loan Interest
Case Law Details
- Case Name
- ITO Vs Jayshree Arvind Shah (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Ahmedabad
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ITO Vs Jayshree Arvind Shah (ITAT Ahmedabad)
CIT(A) Rightly Accepted Unsecured Loans & Housing Loan Interest—ITAT Rejects Revenue’s Challenge
Revenue challenged deletion of two additions by CIT(A):
Addition of ₹2,23,10,021 u/s 68 (Unsecured Loans)
AO noticed an increase in unsecured loans & treated it as unexplained cash credit since, according to him, only identity of lenders was proved. CIT(A) found that Assessee had submitted confirmations, PAN, address, ITRs & bank statements of all lenders, establishing identity, genuineness & creditworthiness. Also, business requir...
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