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ITAT Deletes ₹1.86 Cr Addition: Section 69A Not Applicable to Recorded Unsecured Loans
Case Law Details
- Case Name
- Falguni Nevatia Vs ITO (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Kolkata
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Falguni Nevatia Vs ITO (ITAT Kolkata)
Section 69A Not Applicable to Duly Recorded Unsecured Loans Supported by Confirmations- ITAT Kolkata Deletes ₹1.86 Cr Addition —
Assessee filed appeal against the order of CIT(A), NFAC, upholding the addition of ₹1.86 crore made by AO as unexplained money u/s 69A in respect of unsecured loans received from 14 private limited companies.
Assessee had furnished complete details before the AO, including PAN, addresses, ITR acknowledgments, audited financials, confirmations, & bank statements of all lenders. AO had also issued notices u/s 13...
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