IBC resolution plan immunity from money-laundering: corporate debtor removed as accused; cases continue against ex-directors, attached assets refunded...
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The ITAT dismissed the Revenue's appeal, upholding the CIT(A)'s deletion of additions made under s.68 r.w.s.115BBE on alleged bogus unsecured loans. It held that, under s.68, the AO must form an objective opinion based on proper appreciation of material on record, and mere suspicion or reliance on third-party statements is insufficient. The assessee had produced adequate evidence to establish identity of the lenders, genuineness of the loan transactions, and creditworthiness, even demonstrating "source of source" though not legally required at the relevant time. Finding no cash deposits or accommodation entry pattern, the Tribunal concluded that the onus under s.68 stood discharged and the additions were unsustainable.
The ITAT dismissed the Revenue's appeal, upholding the CIT(A)'s deletion of additions made under s.68 r.w.s.115BBE on alleged bogus unsecured loans. It held that, under s.68, the AO must form an objective opinion based on proper appreciation of material on record, and mere suspicion or reliance on third-party statements is insufficient. The assessee had produced adequate evidence to establish identity of the lenders, genuineness of the loan transactions, and creditworthiness, even demonstrating "source of source" though not legally required at the relevant time. Finding no cash deposits or accommodation entry pattern, the Tribunal concluded that the onus under s.68 stood discharged and the additions were unsustainable.
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