No addition u/s. 68 towards unsecured loan if repayment in subsequent year accepted: ITAT Ahmedabad

DCIT Vs Tripoli Management Pvt. Ltd. (ITAT Ahmedabad)

ITAT Ahmedabad held that addition u/s. 68 on account of unexplained cash credit, being bogus unsecured loan, and u/s. 69C on account of unexplained expenditure, being bogus interest claimed, unjustified as repayment of loans in subsequent year accepted.

Facts- Assessee-company was engaged in the business of Non-Banking Finance Companies. During the assessment proceedings, the AO observed that the assessee-company has taken unsecured loan amounting to Rs.55,05,27,020/- and paid interest thereon amounting t

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