ITAT Guwahati Deletes Bogus Loan Addition as Firm’s Liability, Quashes Wrong AY Share Addition

DCIT Vs Ramswarup Bajaj (ITAT Guwahati) Bogus Loan Addition Deleted as Belonging to Firm, Not Assessee – Wrong Assessment Year Share Addition Also Quashed – ITAT Guwahati ITAT upheld CIT(A)’s order deleting additions of ₹98.96 lakh towards alleged bogus unsecured loans and ₹1.86 crore towards share transactions. Tribunal noted that the unsecured loans were recorded in the books of M/s Kishlay Snacks Products and, if at all bogus, addition ought to have been made in the firm’s hands u/s 68 and not in the individual assessee’s case. Revenue failed to rebut the factual findi...