Loans via Banking Channels not Bogus Merely on ‘Shell Company’ Allegation

Alom Extrusions Limited Vs ACIT (ITAT Kolkata) Loans Through Banking Channels Cannot Be Treated as Bogus Merely on ‘Shell Company’ Allegation: ITAT Deletes ₹3 Crore Section 68 Addition The Kolkata ITAT deleted ₹3 crore addition made under Section 68 against Alom Extrusions Limited after holding that unsecured loans received through banking channels from corporate entities cannot be treated as unexplained cash credits merely on the basis of generalized allegations that the lenders were “shell companies.” The reassessment was initiated based on investigation wing information alleging...