Case Law Details
Case Name : Manoj Anand Vs ITO (ITAT Guwahati)
Related Assessment Year : 2018-19
Courts :
All ITAT ITAT Guwahati
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Manoj Anand Vs ITO (ITAT Guwahati)
Loan to Set Up DPS School Not Bogus: Tribunal Slams Borrowed Satisfaction- Suspicion Is Not Evidence: ITAT Deletes ₹3.43 Cr Addition u/s 68- Identity, Creditworthiness & Genuineness Proven—68 Addition Fails Completely
Assessee, a salaried individual, received ₹3,43,50,000 as unsecured loan from Urch Trading Pvt Ltd, which was immediately advanced to AARDA Education for establishing DPS School in Assam. AO reopened the case based on Insight-Portal alerts & Investigation Wing inputs alleging Urch Trading was a shell entity, lacked creditworthiness...
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