Unsecured Loan from relatives cannot be equated with Bank Loan

DCIT Vs. Prem Kumar Gupta (ITAT Delhi)

Hon’ble Delhi ITAT held that there is difference between loan taken from Banks and unsecured loans taken from the relatives. In the case of unsecured loans from the relatives, no formalities and bank guarantee have to be given. Thus the Hon’ble Tribunal has held 15% interest paid on unsecured loans ta

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