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Repayment of Friendly Loan Explained: ITAT Deletes ₹12.50 Lakh Addition u/s 69A
Case Law Details
- Case Name
- Vivek Kamalkar Kadam Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Mumbai
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Vivek Kamalkar Kadam Vs ITO (ITAT Mumbai)
Addition u/s 69A was sustained by CIT(A) in respect of ₹12.50 lakh cash deposits, treating them as unexplained despite Assessee’s claim that deposits represented repayment of a friendly loan advanced earlier to Shri Gulamnabi Gafoor Shaikh. Tribunal noted that loan of ₹25 lakh, repayment of ₹5 lakh by cheque & ₹7.5 lakh by cash were already accepted by Revenue; only balance ₹12.5 lakh was disputed due to non-availability of deposit slips & alleged failure to prove availability of cash with borrower. ITAT held that Assessee had disch...
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