Identity Proved, Genuineness Unclear: ITAT Remands ₹50 Lakh Loan Case to AO

Amol Ceramica Private Limited Vs ITO (ITAT Mumbai)

Assessee appealed against the NFAC (CIT(A)) order dated 05.02.2025 confirming an addition of ₹50,00,000 u/s 68 as unexplained cash credit, arising from a purported loan received from M/s Aneri Fincap Ltd., a company later identified by the Department as a paper entity providing accommodation entries.

AO had reopened the assessment on the basis of information received from the Investigation Wing, Mumbai, following a search on One World Group, where statements of Shri Rajesh G. Mehta revealed that several shell companies-inc

Please become a Premium member. If you are already a Premium member, login here to access the full content.