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.
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…
Your free access to Taxscan has Expired
To read the article, get a premium account.
Taxscan Premium
Why should you subscribe?
Enjoy our website without interruptions from advertisements
Receive Daily newsletters
Receive realtime Telegram/Whatsapp news updates
Download original Judgements / Order / Notifications / Circulars, etc
