Loan routed through banking channels & repaid with interest & TDS – Section 69A Addition deleted

ACIT Vs Mahadev Shipbreakers Pvt. Ltd. (ITAT Ahmedabad) Ahmedabad ITAT Confirms Loan Transaction – Revenue’s 69A Addition Deleted- AO’s Sweeping Allegations Insufficient – Loan to KCPL Held Genuine-  Loan Through Banking Channels Accepted as Genuine Revenue appealed against the order of CIT(A)/NFAC dated 13.02.2025 deleting addition of ₹80,94,875 made by AO u/s 69A. The case was reopened u/s 147 based on information from search in Jignesh Shah group alleging that Kasturi Commodities Pvt. Ltd. (KCPL) was an accommodation entry provider & had routed ₹80.94 lakh to the Assessee. ...