Section 2 (w.e.f. 1.10.1982).] (n) "secured loan or advance" means a loan or advance made on the security of assets the market value ... time less than the amount of such loan or advance; and "unsecured loan or advance" means a loan or advance not so secured; (ni) [ "Small
advances on the security of its own shares; or (b) grant unsecured loans or advances- (i) to any of its directors; or (ii) to firms ... that nothing in clause (b) shall apply to the grant of unsecured loans or advances- (a) made by a co-operative bank- (i) against bills
regards to the order of CIT(A) sustaining the
addition of unsecured loans amounting to Rs.2.50 lacs as unexplained
14
Jawahar B. Purohi ... confirming addition of Rs.
2,50,000/- on account of alleged unsecured loans
under section 68 of the Income
charge on its fixed or floating assets; (h) interest on unsecured loans and advances; (i) expenses on repairs, whether to immovable or to movable property
Reserve Bank of India Act, 1934; and (n) ” secured loan or advance ” means a loan or advance made on the security of assets the market ... time less than the amount of such loan or advance; and “unsecured loan or advance ” means a loan or advance not so secured. { Sub-section
Income Tax Act,
1961, on account of unsecured loans. The case law relied on by
Ld.CIT(A) are distinguishable from the present case ... sending notice u/s 133(6) to the providers of
unsecured loan. No confirmation was received during the assessment
proceedings.
3
ITA No.2102
SMMPL" shall make satisfactory arrangement for raising interest-free unsecured loans of Rs. 9.50 lakhs. This limit of Rs. 9.50 lakhs was subsequently increased ... Unsecured loans/deposits :
Before commencement of disbursement of the loan by the SIICOM, the company shall make satisfactory arrangements for raising interest-free unsecured loans
advances on the security of its own shares, or grant unsecured loans or advances to any of its directors or to firms or private companies ... Bank a return in the prescribed form and manner, showing all unsecured loans and advances granted by it to companies in which
return
(in Rs.)
Accommodation entries in the form of unsecured loan shown from/ entry provider/ bogus LTCG
Bogus LTCG/ STCG/ Commission added under Sections ... Neil Industries Ltd.
Rs.3,67,59,615/- (bogus unsecured loan and interest)
+
Rs.42,05,902/- (bogus unsecured loan and interest
September 19, 2008 respectively.
In the said notices, details of unsecured loans
received by the petitioner were required to be
furnished. Yet another notice under ... respondent had been furnished, which included
the details of unsecured loans vide
communication dated November 27, 2008.
1.2 Yet another notice dated December
