Case Law Details
Case Name : ACIT Vs Jaideep Halwasiya (ITAT Kolkata)
Related Assessment Year : 2016-17
Courts :
All ITAT ITAT Kolkata
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ACIT Vs Jaideep Halwasiya (ITAT Kolkata)
Loans Taken & Repaid Through Banking Channels with TDS on Interest – ITAT Kolkata Upholds Deletion of Sec.68 Addition
Revenue filed appeal against the order of CIT(A) deleting addition of ₹2.35 crore made by AO u/s 68 as unexplained cash credits along with disallowance of interest ₹5.65 lakh.
During assessment, AO noticed that Assessee had taken unsecured loans of ₹50 lakh from Gagan Suppliers Pvt. Ltd., ₹60 lakh from Nitin Hire Purchase Pvt. Ltd. & ₹1.25 crore from Nusharwar Merchants Pvt. Ltd. AO held that identity, creditwo...
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