Follow Us:
  2. Income Tax
  3. Judiciary

No Addition if Loan Identity & Creditworthiness Proven; Section 115BBE Applies Prospectively

Case Law Details

Case Name : DCIT Vs Commmunique Marketing Solutions (P) Ltd. (ITAT Delhi)
Related Assessment Year : 2017-18
Courts : All ITAT ITAT Delhi
Become a Premium member to Download. If you are already a Premium member, Login here to access.

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, i

Please become a Premium member. If you are already a Premium member, login here to access the full content.

Tags:

Kindly Refer to Privacy Policy & Complete Terms of Use and Disclaimer.

Author Bio

Name: CA Vijayakumar Shetty
Qualification: CA in Practice
Company: Shetty & Co, Chartered Accountants, Mangalore
Location: Mangalore, Karnataka, India
Member Since: 17 Feb 2018 | Total Posts: 4446
CA Vijayakumar Shetty qualified in 1994 and in practice since then. Founding partner of Shetty & Co. He is a graduate from St Aloysius College, Mangalore . View Full Profile

My Published Posts

ITAT Bangalore Quashes U/s 143(3) Assessment for Want of U/s 153C Jurisdiction ITAT Bangalore Deletes Section 271D Penalty on Cash Sale Receipt ITAT Bangalore Deletes Section 271FAA Penalty for SFT Delay Second OGE Non-Est; Two U/s 143(3) r.w.s. 254 Orders for Same AY Invalid – Revenue Appeals Dismissed by ITAT Bangalore ITAT Chandigarh Allows Sec 80P(2)(d) Deduction – 31 Oct Due Date Applies Due to Statutory Audit View More Published Posts

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

Leave a Comment

Your email address will not be published. Required fields are marked *

Latest Posts

View All Posts
Ads Free tax News and Updates

Featured Posts

View All Featured Posts

Popular Posts

Search Post by Date
February 2026
M T W T F S S
 1
2345678
9101112131415
16171819202122
232425262728