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Interest Disallowance Set Aside as Loan Found Genuine
Case Law Details
- Case Name
- KTM Impex Private Limited Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2019-20
- Courts
- All ITAT, ITAT Delhi
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KTM Impex Private Limited Vs ITO (ITAT Delhi)
Repaid Loan Cannot Be Treated as Bogus: Delhi ITAT Deletes ₹50 Lakh Addition Based on Entry-Operator Information
The Delhi Bench of the ITAT allowed the appeal of KTM Impex Pvt. Ltd. (AY 2019-20) and deleted the addition of ₹50 lakh under section 68 along with interest disallowance of ₹5.45 lakh. The reassessment was initiated solely on Investigation Wing inputs alleging accommodation entries from an entity linked to an entry operator.
The Tribunal held that mere third-party information and suspicion cannot override documenta...
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