ITAT deletes Addition made u/s 69B of Income Tax Act towards Inflated Cost of Crane in Agreement merely to avail higher Banking Loan facility for financing of Crane [Read Order]

By Aparna. M - On September 12, 2023 6:00 pm - 2 mins read
ITAT deletes Addition - ITAT - Income Tax Act - Crane - Crane in Agreement - Banking Loan - financing of Crane - taxscan

The Income Tax Appellate Tribunal (ITAT) Mumbai bench deleted addition made under Section 69B of the Income Tax Act, 1961 towards inflated cost of crane in agreement merely to avail higher banking loan facility for financing of crane. Assessee,  KVR Infra is a partnership firm engaged in the business of hiring Cranes . Assessee had…

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