ITAT Ahmedabad Upholds CIT(A) Order Allowing Unsecured Loans & Housing Loan Interest

ITO Vs Jayshree Arvind Shah (ITAT Ahmedabad)

CIT(A) Rightly Accepted Unsecured Loans & Housing Loan Interest—ITAT Rejects Revenue’s Challenge

Revenue challenged deletion of two additions by CIT(A):

Addition of ₹2,23,10,021 u/s 68 (Unsecured Loans)

AO noticed an increase in unsecured loans & treated it as unexplained cash credit since, according to him, only identity of lenders was proved. CIT(A) found that Assessee had submitted confirmations, PAN, address, ITRs & bank statements of all lenders, establishing id

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