Unsecured Loan from Kolkata Parties: ITAT confirms additions

Mahendra Kumar Agarwal Vs ACIT (ITAT Hyderabad) It is an admitted factual position that this assessee is assessed and lives in Hyderabad whereas all the corresponding loan creditors parties are from Kolkata only. And that too, there is not even a single loan agreement between the assessee and the said parties, reflecting the terms of repayment or interest, except the former self-styled repayment instances along with interest component at varying rates. Mr. Ratnakar replied in response to our query that the assessee is the promoter/Managing Director of a very reputed entity and his staff member...