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        Case ID :
        Income Tax

        The dominant issue was whether cash of ₹25 crore, alleged to be...

        Unrecorded ₹25 crore cash loan claim based on directors' statements-treated as unexplained money u/s69A/115BBE; addition deleted

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                The dominant issue was whether cash of ₹25 crore, alleged to be advanced as an unrecorded loan based on directors' statements, could be taxed as unexplained money under s. 69A read with s. 115BBE. The appellate authority accepted the assessee's explanation supported by a contemporaneous loan agreement and consistent business conduct as an NBFC charging high interest on loans with corresponding TDS credits reflected in returns; the Revenue failed to disprove the agreement's authenticity or identify any infirmity in the findings. Consequently, deletion of the addition was affirmed and the Revenue's appeal was dismissed. - ITAT
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