Loan Received, Interest Paid, Loan Repaid — ITAT Deletes Entire ₹50 Lakh Section 68 Addition

Maruti Multichem Pvt. Ltd. Vs DCIT (ITAT Ahmedabad)

The reassessment was triggered on the allegation that Assessee received a bogus loan of ₹50,00,000 from Dishman Pharmaceuticals & Chemicals Ltd. (DPCL). AO treated the amount as unexplained cash credit u/s 68, taxed it u/s 115BBE, & ignored Assessee’s explanations.

Before CIT(A), the assessee produced:

– Confirmation from DPCL,

– Ledger accounts,

– Bank statements showing loan received through banking channels,

– Interest paid with full TDS compliance,

– Proof of full

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