Interest From Debtors Not Unexplained Loans Under Section 69B: ITAT Pune

DCIT Vs Pawan Bhageria (ITAT Pune) Interest Income from Debtors Cannot Be Treated as Unexplained Loans: ITAT Pune Upholds Deletion of Section 69B Addition The Pune Bench of the ITAT dismissed the Revenue’s appeal for AY 2018-19 and upheld the order of the CIT(A) deleting an addition of ₹2.67 crore made u/s 69B on account of alleged unexplained loans and advances. The assessee, engaged in wholesale trading of yarn and also acting as a commission/del credere agent, had disclosed interest income of ₹26.72 lakh. The Assessing Officer observed that no corresponding loans or advances appeared ...