Case Law Details
Case Name : ACIT Vs M/S Afgan Cane Crusher (ITAT Delhi)
Related Assessment Year : 2008-09
Courts :
All ITAT ITAT Delhi
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ACIT Vs. Afghan Crane Crusher (ITAT Delhi)- Upon assessee’s appeal Ld. Commissioner of Income Tax (Appeals) noted that the aforesaid loans were duly recorded in the books of accounts and confirmations of loans were also filed before the Assessing Officer wherein the depositors accepted to have made interest free loans to the assessee. Ld. Commissioner of Income Tax (Appeals) further observed that the unsecured loans have been raised by the assessee from relatives and friends in the financial year 2004- 05 for obtaining credit limit from banks
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