https://www.taxtmi.com/caselaws?id=793040 A bona fide unsecured corporate loan received from a group concern was held not taxable under section 56(2)(x) merely because of alleged Companies Act non-compliance, including delayed filing of forms and absence of a contemporaneous board resolution. The lender's identity, creditworthiness and the genuineness of the transaction were not disputed, and the funds were received through banking channels and recorded in the books. The Tribunal held that a genuine loan carrying an obligation to repay does not become income under section 56(2)(x) simply due to alleged corporate law irregularities. The addition was therefore unsustainable and the deletion was upheld. en-us Fri, 05 Jun 2026 00:00:00 +0530 Mon, 08 Jun 2026 08:52:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=793040 A bona fide unsecured corporate loan received from a group concern was held not taxable under section 56(2)(x) merely because of alleged Companies Act non-compliance, including delayed filing of forms and absence of a contemporaneous board resolution. The lender's identity, creditworthiness and the genuineness of the transaction were not disputed, and the funds were received through banking channels and recorded in the books. The Tribunal held that a genuine loan carrying an obligation to repay does not become income under section 56(2)(x) simply due to alleged corporate law irregularities. The addition was therefore unsustainable and the deletion was upheld. Case-Laws Income Tax Fri, 05 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=793040