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Addition u/s 69A unsustainable as source of loan transaction duly explained
Case Law Details
- Case Name
- Arun I Keshwarni Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2009-10
- Courts
- All ITAT, ITAT Mumbai
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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 and Associates. The source of this cash component of Rs.8,00,000/- is not explained and is to be added as ...
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