CIT (A) Fails to Prove Records of Unsecured Loan Non -genuine: ITAT Deletes Disallowance of Rs. 116 crore [Read Order]

The Commissioner of Income Tax ( Appeals) has brought nothing on record to prove that the same is non- genuine and hence, the impugned disallowance of Rs.1,16,82,953 is bad in law and needs to be deleted.
CIT (A) Records - Unsecured Loan Non -genuine- ITAT Disallowance - TAXSCAN

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) deleted the disallowance of Rs. 116 crore as Commissioner of Income Tax (Appeals) failed to prove the non-genuineness of records pertaining to the unsecured loan. The fact in brief was that the return of income declaring total income of Rs.85, 32, 38,690/- was filed on…

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