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Gujarat HC Upholds Deletion of ₹32.20 Crore Section 68 Addition on Repaid Loans
Case Law Details
- Case Name
- PCIT Vs Ambe Tradecorp Private Limited (Gujarat High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Gujarat High Court
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PCIT Vs Ambe Tradecorp Private Limited (Gujarat High Court)
The Gujarat High Court considered the Revenue’s appeal challenging the Appellate Tribunal’s deletion of an addition of ₹32.20 crore made under Section 68 of the Income-tax Act on account of alleged unexplained cash credits. The Revenue proposed the question whether the Tribunal had committed a perverse error in deleting the addition.
The dispute related to Assessment Year 2012-13 and concerned two loan transactions of ₹8.50 crore and ₹23.70 crore received by the assessee from M/s. J.A. Infracon Priva...
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