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₹1.12 crore addition under Section 69A deleted as bank-recorded loans held genuine: ITAT rejects reliance on ‘Personal Tally’
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₹1.12 crore addition under Section 69A deleted as bank-recorded loans held genuine: ITAT rejects reliance on ‘Personal Tally’
In a recent ruling, the Income Tax Appellate Tribunal (ITAT) Mumbai has held that the ₹1.12 crore addition made under Section 69A was unsustainable, ruling that the transactions represented genuine inter‑corporate loans duly routed through banking channels. The bench observed that the Assessing Officer’s reliance on the seized “Personal Tally” data from the Areion Group was misplaced, as the entries were already recorded in the assessee’s books …
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