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 repayment of the loan in January 201...