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HomeDirect TaxUnsecured Loan Treated as Bogus Despite Banking Channels: ITAT 

Unsecured Loan Treated as Bogus Despite Banking Channels: ITAT 

Direct Tax

Published on

By Mariya Paliwala
itat

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The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has upheld the addition of ₹1.55 crore as unexplained cash credit, holding that mere routing of funds through banking channels does not establish the genuineness of a transaction when surrounding circumstances raise serious doubts. The bench of Sandeep Singh Karhail (Judicial Member) and Om Prakash…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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