Opening Balances and Proven Loans Cannot Be Taxed on Suspicion: ITAT Mumbai

Assistant Commissioner Vs Supreme Lake View Bungalows Private Limited (ITAT Mumbai) ITAT Mumbai Upholds Deletion of ₹55.49 Crore Section 68 Addition: Opening Balances and Proven Loans Cannot Be Taxed on Suspicion The Mumbai Bench of the Income Tax Appellate Tribunal dismissed the Revenue’s appeal for AY 2022–23 in the case of Supreme Lake View Bungalows Pvt. Ltd., affirming the order of the CIT(A) deleting a massive addition of ₹55.49 crore under Section 68 on account of alleged unexplained unsecured loans. The Tribunal noted that a substantial portion of the amount represented opening...