Loans Repaid – Section 68 Cannot Apply: ITAT Kolkata

NG Brothers Vs ACIT (ITAT Kolkata) Loans Repaid—Section 68 Cannot Apply These five appeals—three quantum & two penalty—arose from NFAC orders for AYs 2014-15, 2015-16 & 2016-17, concerning additions u/s 68 toward unsecured loans, consequential disallowances of commission & interest, & levy of penalty u/s 271(1)(c). The Tribunal disposed all appeals through a consolidated order. AY 2014-15 AO treated unsecured loans of ₹22 lakh (Shresth Builders Pvt Ltd) & ₹50 lakh (BSR Finance & Constructions Pvt Ltd) as unexplained cash credits u/s 68 on the ground that Inspe...