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 repl

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