Bogus Loan Allegation Rejected After Proof of Repayment

DCIT Vs Arun Engineering Udyog Private Limited (TAT Kolkata) Unsecured Loans Repaid with Interest Can’t Be Branded Bogus: ITAT Kolkata Upholds Deletion of ₹46 Lakh u/s 68 Kolkata ITAT ‘A’ Bench dismissed the Revenue’s appeal for AY 2022-23 and upheld the deletion of addition of ₹46 lakh made u/s 68 towards alleged bogus unsecured loans. Tribunal noted that the assessee had furnished complete evidences before the AO establishing identity, creditworthiness & genuineness of loan creditors, and the AO himself recorded a finding that the loans were subsequently repaid along with int...