Intra-Group Loan Restructuring & Partner Account Reclassification Not Bogus Credits

JCIT (OSD) in charge of DCIT Vs Geopreneur Realty Private Limited (ITAT Mumbai) Section 68 Addition Deleted: Intra-Group Loan Restructuring and Partner Account Reclassification Not Bogus Credits The assessee, a real estate company, had originally borrowed from two NBFCs. During the year, its holding company (GCPL) took a fresh loan from another NBFC and directly repaid those NBFC dues on behalf of the assessee. As a result, the assessee’s old NBFC loans got replaced by a loan payable to its holding company through journal entries. Complete documentation was furnished, including lender confir...