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Interest From Debtors Not Unexplained Loans Under Section 69B: ITAT Pune
Case Law Details
- Case Name
- DCIT Vs Pawan Bhageria (ITAT Pune)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
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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 ...
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