Informative

₹14 Lakh Cash Loan Addition Deleted: ITAT Holds Seized Cheques Belong to Director Personally, Not Metarolls Ispat

Update / Judgement Date

22 Aug 2025

Source

Taxscan

Author

Team — WCP Legal Desk

Reading Time

1 min read

Income TaxOther Legal Matters

The ITAT has deleted a ₹1.4 lakh cash loan addition, holding that the "seized cheques belong to the director personally" and not to "Metarolls Ispat." The tribunal's decision provides a significant victory for the taxpayer. The ruling clarifies that a tax authority cannot add a loan to a company's account if the loan is to a person. The court's decision is a crucial reminder to all that they must be diligent in their dealings.

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₹14 Lakh Cash Loan Addition Deleted: ITAT Holds Seized Cheques Belong to Director Personally, Not Metarolls Ispat

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