Shell Companies Can’t Lend Crores: ITAT Confirms ₹14.69 Cr Cash Credit Addition

Alvin Reality Pvt. Ltd. Vs DCIT (ITAT Delhi) ITAT Delhi Confirms ₹14.69 Cr Bogus Loan Addition – Section 68 Applied: No Creditworthiness, No Relief -Lenders With Income Below ₹2,000 Cannot Advance Crores, Rules Tribunal Assessee filed return declaring net loss of ₹4.06 crore. AO completed assessment u/s 143(3) at income of ₹10.58 crore by adding ₹14.69 crore as unexplained loans- ₹3.75 crore from Abhirati Infrastructure Pvt. Ltd. & ₹10.93 crore from Bridgette Infrastructure Pvt. Ltd. AO treated them as sham & non-genuine. CIT(A) upheld the addition. Key Facts Consid...