Case Law Details
Case Name : DCIT Vs Commmunique Marketing Solutions (P) Ltd. (ITAT Delhi)
Related Assessment Year : 2017-18
Courts :
All ITAT ITAT Delhi
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DCIT Vs Commmunique Marketing Solutions (P) Ltd. (ITAT Delhi)
AO made additions of ₹5 crore u/s 68 for unsecured loans & ₹51.39 lakh u/s 37 for interest, alleging the loans were unexplained. Assessee produced confirmations, ITRs, financials, & bank statements of the three lender companies—Suraj Trading Co. Pvt. Ltd., Suraj Buildmart India Pvt. Ltd., & Suraj Dall Mills Pvt. Ltd.—& proved identity, creditworthiness & genuineness.
CIT(A) deleted both additions, noting that loans were received & repaid through banking channels, interest was paid after TDS,...
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