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Rs.1.02 Cr Addition Deleted as Loan Was Genuine & Used for Business Repayment

Case Law Details

Case Name : Nirbhay Consultants Pvt. Ltd. Vs ITO (ITAT Ahmedabad)
Related Assessment Year : 2011-12
Courts : All ITAT ITAT Ahmedabad
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Nirbhay Consultants Pvt. Ltd. Vs ITO (ITAT Ahmedabad) Loan received Held Genuine & Used for Business Repayment – ITAT Ahmedabad Deletes ₹1.02 Cr Addition Assessee appealed against the order of CIT(A), NFAC confirming addition of ₹1,02,15,000/- u/s 68 on account of loan received from Fiducia Infrastructure Pvt. Ltd.. AO, based on information from the Investigation Wing, Kolkata, observed that funds were routed through Gotil Properties Pvt. Ltd. & Talent Real Estate Pvt. Ltd. before being credited to Assessee. AO treated the loan as accommodation entry & made addition u/s 6...
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CA Vijayakumar Shetty qualified in 1994 and in practice since then. Founding partner of Shetty & Co. He is a graduate from St Aloysius College, Mangalore . View Full Profile

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