ITAT Jaipur Deletes ₹1.5 Crore Addition for Alleged Bogus Loans

Amar Partap Steels Pvt. Ltd. Vs ITO (ITAT Jaipur) Income Tax Appellate Tribunal (ITAT), Jaipur, has deleted an addition of ₹1.5 crore made by the Assessing Officer (AO) against Amar Partap Steels Pvt. Ltd. on allegations of receiving bogus unsecured loans from entities linked to the Praveen Kumar Jain Group. Background of the Case The case originated from information received by the AO from the Investigation Wing of the Income Tax Department, Mumbai, through the Director General of Income Tax (Investigation), Rajasthan. The information alleged that the assessee had obtained accommodation ent...