Short-Term Commercial Loan Repaid with Interest Cannot Be Branded as Bogus Entry: ITAT Deletes ₹80 Lakh Section 68 Addition

ITO Vs Sagar Vyapaar Pvt. Ltd. (ITAT Kolkata) Short-Term Commercial Loan Repaid with Interest Cannot Be Branded as Bogus Entry: ITAT Deletes ₹80 Lakh Section 68 Addition The Kolkata ITAT upheld deletion of ₹80 lakh addition made under Section 68 after holding that a short-term commercial loan received and repaid through banking channels with interest and TDS compliance cannot be treated as a bogus accommodation entry merely on the basis of investigation wing allegations. The reassessment against Sagar Vyapaar Pvt. Ltd. was reopened alleging that the assessee had received accommodation entr...