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Retracted Statement Alone Cannot Justify Section 68 Addition: ITAT Deletes Accommodation Loan Additions
Case Law Details
- Case Name
- ITO Vs Rubberwala Shelter (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Mumbai
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ITO Vs Rubberwala Shelter (ITAT Mumbai)
Retracted Statement Alone Cannot Justify Section 68 Addition; ITAT Deletes Alleged Accommodation Loan Additions
In a significant ruling, the Mumbai ITAT upheld the deletion of additions made under section 68 in respect of alleged accommodation loans received from entities linked to the Bhanwarlal Jain group. The Assessing Officer had treated unsecured loans of ₹1.45 crore as unexplained cash credits and also disallowed related interest expenditure of ₹10.28 lakh, primarily relying on the statement of a partner/director recorded during survey proceedi...
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