Identity, PAN, ITR & Repayment Proved – ITAT Rules in Favour of Assessee on Unsecured Loans

ITO Vs K K Ventura (ITAT Mumbai) Identity, PAN, ITR & Repayment Proved – ITAT Rules in Favour of Assessee on Unsecured Loans- Suspicion No Substitute for Evidence: ITAT Mumbai Upholds CIT(A) in ₹8.43 Cr Unsecured Loan Case Case Background Assessee: K K Ventura LLP, engaged in financing & trading. Issue: Sharp rise in unsecured loans (₹21.03 Cr vs ₹6.25 Cr in prior year), squared-up loan transactions & borrowings from non-filers. AO’s Action: Added ₹8.43 Cr u/s 68 as unexplained unsecured loans + disallowed ₹29.95 Lakh interest (AY 2018–19). HC Intervention: Bombay ...