Old Loans Converted into Share Allotment Cannot be Unexplained Money: ITAT deletes Addition under Income Tax Act [Read Order]

The ITAT deleted the additions made by the Assessing Officer
By Yogitha S. Yogesh - On July 8, 2024 2:53 pm - 2 mins read
income tax act – ITAT - Old Loans Converted - unexplained money - taxscan

The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition of Unexplained money under the Income Tax Act, 1961 as the amount was the old loan converted into share allotment. Sachdev Steel Pvt. Ltd, the assessee challenged the confirmation of the addition of Rs.2,48,00,000/- made by the Assessing Officer treating…

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