ITAT Upholds Bogus Loan Addition Deletion Due to Prior Disclosure by Borrower

ACIT Vs Highlight Infrastructure Pvt. Ltd (ITAT Ranchi) The Income Tax Appellate Tribunal (ITAT), Ranchi, dismissed the Revenue’s appeals against the orders of the Commissioner of Income Tax (Appeals) [CIT(A)] for Assessment Year 2021-22. The appeals involved common issues concerning additions made in the hands of the assessee in relation to unsecured loans advanced to M/s Atibir Industries Company Ltd. and the estimation of commission income. The assessee submitted that it formed part of the Atibir Group of cases and that, following a search and seizure operation, M/s Atibir Industries ...