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Case Law Details

Case Name : Makewell Inducto Cast Pvt. Ltd. Vs JCIT (ITAT Ahmedabad)
Related Assessment Year :
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CA Sandeep Kanoi

Issue – Assessee is a private limited company engaged in the business of manufacturing of Casting. During the course of assessment proceedings AO noticed that Assessee has received cash loans on various days aggregating to Rs 8,89,000/- from Shri Ramusingh Badoria, the Director, of the Assessee. AO was of the view that the acceptance of loan in cash was in contravention of provisions of s. 269SS. The submissions of the assessee with respect to business exigencies was not found accep

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