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Section 56(2)(x) Cannot Apply to Genuine Corporate Loan: ITAT Delhi
Case Law Details
- Case Name
- ACIT (OSD) Vs Generica India Ltd. (ITAT Delhi)
- 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 Delhi
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ACIT (OSD) Vs Generica India Ltd. (ITAT Delhi)
Corporate Loan Cannot Be Taxed Under Section 56(2)(x) Without Proof of Non-Repayment; Section 56(2)(x) Addition Deletion Upheld as AO Failed to Establish Impossibility of Loan Repayment: ITAT Delhi.
The Revenue appealed against the order of the CIT(A)/NFAC dated 01.10.2025 for Assessment Year 2022-23, which had deleted an addition of Rs.10.51 crore made by the Assessing Officer under Section 56(2)(x) of the Income-tax Act, 1961. The assessee had filed its return of income on 28.09.2022 declaring total income of Rs.6,96,03,120. The...
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