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Opening Balances and Proven Loans Cannot Be Taxed on Suspicion: ITAT Mumbai
Case Law Details
- Case Name
- Assistant Commissioner Vs Supreme Lake View Bungalows Private Limited (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2022-23
- Courts
- All ITAT, ITAT Mumbai
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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...
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