Held that the assessee had placed on record a copy of its bank statements, reflecting the repayment of loans on March 22, 2016. Repayment of the loan was made much before the passing of assessment order on December 26, 2016 with current year interest. Burden is discharged. Addition is not justified. Interest is deleted. (AY.2014-15)
White Willow v. ITO (2023)106 ITR 56 (SN.)(Surat) (Trib)
S. 68 : Cash credits-Unexplained expenditure-Unsecured loans-Banking channel , account confirmation , Permanent Account Numbers , Bank statements and income-tax returns furnished-Addition is not justified-Interest expenses cannot be disallowed . [ S.69C ]