Know Your Rights: What Loan Recovery Agents Can and Cannot Do at Your Doorstep
In India’s rapidly expanding credit market, personal and business loans have become a lifeline for millions. However, with the rise in borrowing ...
![Invoking S. 263 on Interest on Loan Disallowance While such Loan Addition Pending Before CIT(A) Invalid: ITAT [Read Order]](https://images.taxscan.in/h-upload/2025/06/30/250x150_2057065-itat-disallowance-loan-taxscan.webp "Invoking S. 263 on Interest on Loan Disallowance While such Loan Addition Pending Before CIT(A) Invalid: ITAT [Read Order]")
![Setback for Electrotherm: PMLA Authority Upholds ED’s Asset Retention in Loan Fraud Case; Company Discloses Financial Impact [Read Order]](https://images.taxscan.in/h-upload/2025/06/19/250x150_2050616-loan-fraud-case-financial-impact-electrotherm-taxscan.webp "Setback for Electrotherm: PMLA Authority Upholds ED’s Asset Retention in Loan Fraud Case; Company Discloses Financial Impact [Read Order]")
![ITAT Deletes ₹9.9 Cr Income Tax Addition Over AO’s Profit Overestimation and Unsubstantiated Loans [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/05/ITAT-Income-Tax-Addition-AO-Profit-Overestimation-Unsubstantiated-Loans-taxscan.jpg "ITAT Deletes ₹9.9 Cr Income Tax Addition Over AO’s Profit Overestimation and Unsubstantiated Loans [Read Order]")
![ITAT deletes Addition of Rs. 25 Lakh as Unexplained Cash Credits, Finds Loan from Promoters Genuine [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/ITAT-Delhi-ITAT-Unexplained-Cash-Unexplained-Cash-Credits-Taxscan-1.jpg "ITAT deletes Addition of Rs. 25 Lakh as Unexplained Cash Credits, Finds Loan from Promoters Genuine [Read Order]")
Third-Party Statements cannot be used against assessee until and unless the opportunity of cross examination is afforded: ITAT deletes of addition made u/s 68 IT Act towards receipt of interest free unsecured loan [Read Order]
The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench, held that third-party statements cannot be used against the assessee until and unless the opportunity of cross-examination is afforded....
![Third-Party Statements cannot be used against assessee until and unless the opportunity of cross examination is afforded: ITAT deletes of addition made u/s 68 IT Act towards receipt of interest free unsecured loan [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Third-Party-Statements-used-against-assessee-until-and-unless-the-opportunity-of-cross-examination-is-afforded-TATIT-Act-towards-receipt-of-interest-free-unsecured-loan-TAXSCAN.jpg "Third-Party Statements cannot be used against assessee until and unless the opportunity of cross examination is afforded: ITAT deletes of addition made u/s 68 IT Act towards receipt of interest free unsecured loan [Read Order]")
Proof that Entry in Books of Accounts was Loan extended by Dayal Trust: Delhi HC dismisses Income Tax Appeal [Read Order]
The Delhi High Court dismissed an income tax appeal on proof that the entry in books of accounts was loan extended by Dayal Trust. By the instant appeal, the appellant/revenue sought to assail the...
![Proof that Entry in Books of Accounts was Loan extended by Dayal Trust: Delhi HC dismisses Income Tax Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Proof-that-Entry-Books-of-Accounts-Loan-extended-Dayal-Trust-Delhi-High-Court-Income-Tax-Appeal-taxscan.jpg "Proof that Entry in Books of Accounts was Loan extended by Dayal Trust: Delhi HC dismisses Income Tax Appeal [Read Order]")
Availment of Fictitious Loan of Rs 40 lakhs: Delhi HC directs AO to furnish Relevant Material to Support Allegation [Read Order]
The Delhi High Court directed the Assessing Officer (AO) to furnish relevant material to support allegation in the matter of the availment of fictitious loan of Rs 40 lakhs. The principal...
![Availment of Fictitious Loan of Rs 40 lakhs: Delhi HC directs AO to furnish Relevant Material to Support Allegation [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Availment-Delhi-HC-Delhi-HC-directs-AO-to-furnish-Relevant-Material-to-Support-Allegation-taxscan.jpg "Availment of Fictitious Loan of Rs 40 lakhs: Delhi HC directs AO to furnish Relevant Material to Support Allegation [Read Order]")
Conversion of loan amount into equity shares will not exonerate assessee from application of provisions U/S 56(2)(viib): ITAT [Read Order]
The Pune bench of the Income Tax Appellate Tribunal (ITAT) held that Conversion of loan amount into equity shares will not exonerate assessee from application of provisions under section 56(2)(viib)b...
![Conversion of loan amount into equity shares will not exonerate assessee from application of provisions U/S 56(2)(viib): ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Conversion-of-loan-amount-equity-shares-exonerate-assessee-from-application-of-provisions-ITAT-taxscan.jpg "Conversion of loan amount into equity shares will not exonerate assessee from application of provisions U/S 56(2)(viib): ITAT [Read Order]")
Write-off of Bad Debt not Asset, Clause - (a) of 4th Proviso to Section 153A(1) of Income Tax Act bars Assessment: Bombay HC [Read Order]
The Bombay High Court recently ruled that write-off of bad debt is not asset and clause - (a) of 4th proviso to Section 153A(1) of Income Tax Act, 1961 bars assessment. The petitioner, Ashok...
![Write-off of Bad Debt not Asset, Clause - (a) of 4th Proviso to Section 153A(1) of Income Tax Act bars Assessment: Bombay HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Write-off-of-Bad-Debt-Debt-Asset-Income-Tax-Act-Assessment-Bombay-HC-taxscan.jpg "Write-off of Bad Debt not Asset, Clause - (a) of 4th Proviso to Section 153A(1) of Income Tax Act bars Assessment: Bombay HC [Read Order]")
ITAT deletes Addition made u/s 69B of Income Tax Act towards Inflated Cost of Crane in Agreement merely to avail higher Banking Loan facility for financing of Crane [Read Order]
The Income Tax Appellate Tribunal (ITAT) Mumbai bench deleted addition made under Section 69B of the Income Tax Act, 1961 towards inflated cost of crane in agreement merely to avail higher banking...
![ITAT deletes Addition made u/s 69B of Income Tax Act towards Inflated Cost of Crane in Agreement merely to avail higher Banking Loan facility for financing of Crane [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/ITAT-deletes-Addition-ITAT-Income-Tax-Act-Crane-Crane-in-Agreement-Banking-Loan-financing-of-Crane-taxscan-.jpg "ITAT deletes Addition made u/s 69B of Income Tax Act towards Inflated Cost of Crane in Agreement merely to avail higher Banking Loan facility for financing of Crane [Read Order]")