Bogus loans u/s 68 - unsecured loans from the three loan ...

ITAT Upholds CIT(A) Decision: Taxpayer Provided Sufficient Info on Unsecured Loans; AO Failed to Investigate Further.

June 13, 2023

Case Laws Income Tax AT

Bogus loans u/s 68 - unsecured loans from the three loan creditors and interest on loans - reliance on third party statement - The ITAT upheld the CIT(A)'s order, stating that the assessee had discharged its burden by submitting the requisite information, and the onus lies on the AO to make enquiries. The AO failed to make further enquiries and relied on the statement recorded, which was retracted subsequently. - AT

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Bogus loans u/s 68 - unsecured loans from the three loan ...

ITAT Upholds CIT(A) Decision: Taxpayer Provided Sufficient Info on Unsecured Loans; AO Failed to Investigate Further.

June 13, 2023

Case Laws Income Tax AT

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