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ITAT Mumbai Rejects Section 68 Additions on Alleged Circular Loans
Case Law Details
- Case Name
- DCIT Vs Supreme Holdings & Hospitality (India) (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Mumbai
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DCIT Vs Supreme Holdings & Hospitality (India) (ITAT Mumbai)
ITAT Mumbai Upholds Deletion of Section 68 Additions on Unsecured Loans Despite Search Allegations of Circular Trading
The Mumbai Bench of the ITAT dismissed the Revenue’s appeals for AYs 2013-14, 2014-15, 2015-16 and 2016-17 and upheld the CIT(A)’s order deleting additions made under Section 68 in the hands of Supreme Holdings & Hospitality (India). The additions related to unsecured loans aggregating to about ₹14.62 crore received from group companies such as Asuti Trading Pvt. Ltd. and Lloyds Steel Industries Ltd., w...
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