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The ITAT held: Interest expenditure on unsecured loans is allowable deduction u/s 57(iii) as borrowed funds were utilized for advancing loans earning interest income, establishing one-to-one nexus. Addition of Rs 20 lakh unsecured loan from Mr Piyush Kumar deleted as fresh loan of Rs 5 lakh from same party accepted as genuine. Addition u/s 69A on unsecured loans incorrect as AO failed to record satisfaction that assessee owned unexplained money/assets; AO examined loans from angle of s.68 requiring assessee to prove sources instead of invoking s.69A shifting onus on AO. Decided in assessee's favour.
The ITAT held: Interest expenditure on unsecured loans is allowable deduction u/s 57(iii) as borrowed funds were utilized for advancing loans earning interest income, establishing one-to-one nexus. Addition of Rs 20 lakh unsecured loan from Mr Piyush Kumar deleted as fresh loan of Rs 5 lakh from same party accepted as genuine. Addition u/s 69A on unsecured loans incorrect as AO failed to record satisfaction that assessee owned unexplained money/assets; AO examined loans from angle of s.68 requiring assessee to prove sources instead of invoking s.69A shifting onus on AO. Decided in assessee's favour.
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