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ITAT Deletes Section 69A Addition on Repayment of Recorded Unsecured Loans
Case Law Details
- Case Name
- Dy. Commissioner of Income Tax Vs M/s. Karthik Construction Co. (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011–12
- Courts
- All ITAT, ITAT Mumbai
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DCIT Vs M/s. Karthik Construction Co. (ITAT Mumbai)
Addition U/s. 69A can only be made when assessee found to be in possession of money bullion jewellery, etc., not recorded in his books of account
The Mumbai Bench of the Income Tax Appellate Tribunal considered the Revenue’s appeal against the order of the Commissioner (Appeals)-44, Mumbai, for Assessment Year 2011-12. The sole issue was whether the Commissioner (Appeals) was justified in deleting an addition of ₹80,71,317 made under Section 69A of the Income-tax Act, 1961 in respect of repayment of unsecured loans. T...
