Addition u/s 69A unsustainable as source of loan transaction duly explained

Arun I Keshwarni Vs ITO (ITAT Mumbai)

ITAT Mumbai held that once the transaction is duly recorded in the books of accounts and due explanation with regard to source of loan transaction is provided, addition u/s 69A towards unexplained money unsustainable.

Facts- The assessment of the assessee was reopened u/s 147 by issuing notice u/s 148. It is mainly alleged that amount of Rs.8,00,000/- in the form of cheques is issued to Shri Arun Keswani and cash is given to M/s Ahuja

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