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Income Tax - Highlights / Catch Notes

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Assessment u/s 153A - Addition u/s 68 - bogus unsecured loan - ...

Income Tax

April 19, 2024

Assessment u/s 153A - Addition u/s 68 - bogus unsecured loan - unexplained cash credit received from shell/paper companies under the garb of unsecured loan - The revenue challenged the deletion of additions relating to unexplained cash credits and disallowed interest expenses. However, the tribunal upheld the decision of the Commissioner of Income Tax (Appeals) based on the absence of incriminating material found during the search.

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  1. Unexplained credit u/s 68 - unsecured loan from registered NBFC and other companies - revenue failed to prove that loan were bogus - additions deleted.

  2. Additions u/s 68 - unsecured loans - unexplained cash credit - proof of source of source or origin of the cash credits – Very genuineness of the transaction was not...

  3. Additions u/s 68 - unexplained unsecured loans - CIT(A) had rightly deleted the addition towards loans received from the companies in the same group

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