Non-Coverage of suspicious loan transaction in the exception’s clause of CBDT circular

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Last updated: 18 January 2021
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This Income Tax Appellate Tribunal ruling concerns the non-coverage of a suspicious loan transaction within the exception clause of a CBDT circular. The Revenue appealed the deletion of an addition of Rs. 90,00,000/- for a loan and Rs. 1,18,330/- for interest, which the Assessing Officer had deemed bogus. The loans were allegedly provided by companies that had themselves procured funds from paper companies. The Tribunal reviewed the case to determine if the deletion by the CIT(A) was justified.

Court :
ITAT Indore

Brief :
This appeal by the Revenue is directed against the order of ld. Commissioner of Income Tax (Appeals)(in short ‘Ld. CIT(A)-II, Indore dated 21.08.2019 pertaining to assessment year 2010-11. The assessee has raised following grounds of appeal:

Citation :
ITA No.931/Ind/2019

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1 Year PLAN
1999
(Excl. of GST ₹359)

2 Years PLAN
3499
(Excl. of GST ₹629)

BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)

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