This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
ITAT Deletes Section 69A Addition: No Bank Enquiry, No Basis to Treat ₹50 Lakh as Cash Loan
Case Law Details
- Case Name
- Bansi Fashion Private Limited Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2023-24
- Courts
- All ITAT, ITAT Mumbai
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Advertisement
Bansi Fashion Private Limited Vs ITO (ITAT Mumbai)
No Enquiry With Bank, Yet ₹50 Lakh Treated as ‘Cash Loan’? ITAT Deletes Section 69A Addition
In a significant ruling, the Mumbai ITAT deleted a ₹50 lakh addition u/s 69A, holding that when loan transactions are fully supported by bank statements, ledger accounts and bank confirmations, the department cannot arbitrarily allege “cash loans” merely based on third-party search information.
The case arose from search proceedings conducted in the Surana Group, where certain materials allegedly indicated that Bhagwati Mar...
Author Info
