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ITAT Orders Fresh Verification of Cash Credit Addition Due to Loan Repayment
Case Law Details
- Case Name
- Mukhi Corporation Vs DCIT (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Ahmedabad
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Mukhi Corporation Vs DCIT (ITAT Ahmedabad)
Repayment of Loan is Key Test for Sec. 68 — ITAT Remands Matter to Verify Repayment; If Repaid, Addition of Rs. 10 Lakhs Must Be Deleted
Mukhi Corporation, engaged in real estate development, faced an addition of Rs. 10,00,000/- u/s 68 on account of an unsecured loan received from Shri Shailesh Kalidas. The assessment was completed ex parte u/s 144 due to repeated non-compliance, leading the Assessing Officer to treat the loan as unexplained cash credit for failure to prove identity, creditworthiness & genuineness. The AO also r...
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