Case Law Details
DCIT Vs M/s. Karthik Construction Co. (ITAT Mumbai)
As could be seen, the Assessing Officer raised suspicion on the loan repayment by doubting the genuineness of the unsecured loan availed by the assessee against which such loan repayment was made.
However, as per the facts on record, unsecured loans which were repaid by the assessee during the year were availed in financial years 2000–01, 2001–02 and 2002-03.
In fact, the Assessing Officer himself has accepted that the unsecured loans which were repaid during the year were availed before 1st April 2005.
It is also admitted factual position that in the earlier years wherein such unsecured loans were availed by the assessee no doubts were raised by the Assessing Officer and the unsecured loans have been accepted.
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