Avtar Instalments Pvt. Ltd. Vs DCIT

Parties Involved

Facts Summary

The appellant, Avtar Instalments Pvt. Ltd., is a Non-Banking Financial Company (NBFC) that entered into an unsecured loan transaction amounting to Rs. 40,00,000/- with M/s Sustainable Agro Commercial Finance Ltd. (SAFL) on 14.04.2017. The transaction pertains to the financial year 2017-18, relevant to the assessment year 2018-19. The assessee declared interest income at 12.5% as per the agreement clause in the subsequent year. The Revenue argued that the cheque for the transaction was executed in March 2017, seeking to uphold the addition of unexplained cash credits under section 68 of the Income Tax Act, 1961.…

Legal Issues

• 1. Correctness of the addition of unexplained cash credits under section 68 of the Income Tax Act, 1961.

Judgment Outcome

Decided in favour of Assessee.

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