Unsecured Loan Addition u/s 68 Deleted – Filatex Group Loans Held Genuine

ACIT Vs Sparsh Property Private Limited (ITAT Delhi)

Unsecured Loan Addition u/s 68 Deleted – Filatex Group Loans Held Genuine

The ITAT Delhi dismissed the Revenue’s appeal and upheld the CIT(A)’s order deleting addition of ₹60 lakh made u/s 68 along with disallowance of interest and alleged commission. The AO had treated loans received from ANM Fincap Pvt. Ltd. and Satsal Finlease Pvt. Ltd. as accommodation entries based mainly on search statements and investigation findings in the Filatex group. The Tribunal noted that the assessee discharged the o

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