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Unsecured Loan Genuine and Merely Carried Forward from Earlier Year, Not Fresh Borrowing: ITAT Deletes Rs. 2.50 Cr Income Tax Addition u/s 68 [Read Order]

Sandhra Suresh

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) allowed the appeal of the assessee, observing that the unsecured loan was carried...

Pattern Transactions Categorise ₹1.77 Cr Unsecured Loan as Unexplained Cash Credit: ITAT upholds...

ITAT Slams CIT(A) for Denial of Natural Justice, Restores Unsecured Loan Addition Case to AO for...

ITAT Admits Additional Evidence, Remands Rs. 17 Lakh Unsecured Loan Case to AO for Fresh Assessment...

Unsecured Loan Transaction Duly Substantiated: ITAT upholds Deletion of Addition [Read Order]

ITAT remands matter of Moraj Group Director Priya Gurnani to AO for examination on alleged entry provider used to accommodate capital gains and unsecured loans [Read Order]

In a significant move, the Income Tax Appellate Tribunal (ITAT), Mumbai Bench has remanded the matter of Priya Gurnani, Co-Founder of Moraj Group for fresh examination of the entry provider allegedly...

Guarantee Fees paid to Govt of Gujarat in consideration of Guarantee issued by it for Repayment of Unsecured loan is Revenue Expenditure: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) Ahmedabad bench held that guarantee fees paid to the government of Gujarat in consideration of guarantee issued by it for the repayment of unsecured loan is...

Absence of Formal Loan Agreement or Repayment Schedule Does Not Justify Treating Unsecured Loan as Unexplained Cash Credit u/s 68 of Income Tax Act: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that the absence of a formal loan agreement or repayment schedule does not justify treating the unsecured loan as unexplained cash...

Non-filing of Affidavit Proving Repayment of Loan: Orissa HC Upholds Addition for “Unsecured Loan” [Read Order]

The Division Bench of Orissa High Court has upheld the addition made upon unsecured loan as the petitioner had failed to file an affidavit for proving the repayment of loan. The Income Tax...

Madras HC Directs Dept to determine If IL&FS is a Public Institution under the Companies Act: Quashes ITAT Order [Read Order]

While quashing an order passed by the Income Tax Appellate Tribunal (ITAT), the Madras High Court has remanded the matter to the Assessing Officer (AO) for determination to determine whether M/s....

Opening Balance of Unsecured Loan cannot be treated as ‘Unexplained’: ITAT deletes Addition u/s 68 [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench has held that the opening balance of the unsecured loan cannot be treated as "unexplained" and deletes addition under section 68. The...

Income from Interest Received Temporarily Parked in the Banks and given as Unsecured Loan is Business Income: ITAT [Read Order]

The Kolkata bench of Income Tax Appellate Tribunal recently announced and directed the Assessing Officer to treat the interest income temporarily parked in the banks and given as unsecured loan which...