Tribunal Upholds CIT(A) Deletion of Bogus Loan & Share Capital Additions

ACIT Vs Sanatan Merchants Pvt. Ltd. (ITAT Kolkata) ITAT Kolkata Upholds Deletion of Loan & Share Capital Additions: Genuine NBFC Loans & Prior-Year Share Application Money Accepted In this revenue appeal, ACIT challenged the deletion of additions made by AO in the case of Sanatan Merchants Pvt. Ltd for AY 2015-16. Assessee had declared income of Rs.31,41,530 & AO completed assessment u/s 143(3) by making additions of Rs.1,77,00,000 treating unsecured loans from three companies as bogus, together with an addition of Rs.50,00,000 towards alleged bogus share application money. Tribuna...