ITAT Ahmedabad Restores ₹14.39 Cr Addition Case for Fresh Assessment

Dhananjay Tradelink Pvt. Ltd. Vs ITO (ITAT Ahmedabad)

Assessee, a company engaged in trading of fabric, cotton, grains & chemicals, filed its return of income declaring a total income of ₹2,34,770 for A.Y. 2018-19. The return was scrutinised by AO under the e-assessment regime. During assessment proceedings, AO examined the genuineness of unsecured loans & sundry creditors appearing in the books of account.

AO noted that three parties from whom unsecured loans aggregating to ₹6.02 crore were received had meagre income & insufficient capital to advance such hu

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