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Unexplained Cash Credit Addition Deleted Due to Complete Loan Evidence
Case Law Details
- Case Name
- Lumino Industries Limited Vs DCIT (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2020-21
- Courts
- All ITAT, ITAT Kolkata
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Lumino Industries Limited Vs DCIT (ITAT Kolkata)
Low Income ≠ Bogus ; When Documents Prove Genuineness, Search Labels Cannot Override- Once Proof Filed, Onus Shifts
Assessee, amalgamated with JATS Agency Pvt Ltd pursuant to NCLT order for AY 2020-21, faced addition u/s 68 of ₹15,00,000 towards unsecured loan received from Eiffel Agencies Pvt Ltd (EAPL). AO alleged that EAPL appeared in the “Jamakarchi” / accommodation-entry list found during search on Goel Group & treated the loan as unexplained cash credit despite Assessee furnishing confirmations, PAN, bank state...
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