M/S. EVERFLOW TECHNO TEX LTD.,MUMBAI vs. THE ITO -CIRCLE-4(3)(1), MUMBAI

PDF · subscribers
ITA 1018/MUM/2021Status: DisposedITAT Mumbai30 June 2023AY 2016-176 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal held that the assessee was not given a proper opportunity by the AO to prove the identity, creditworthiness, and genuineness of the creditor. Therefore, the matter was set aside back to the AO for fresh adjudication.

What were the facts?

The assessee declared an unsecured loan of Rs. 1.50 crores from M/s. Raju Textiles. The AO added this amount to the assessee's income, stating that the assessee failed to provide sufficient evidence to prove the identity, genuineness, and creditworthiness of the lender. The assessee contended that they were not given a proper opportunity to present further evidence.

What were the issues?

Whether the addition made by the AO under Section 68 was justified without providing the assessee with a proper opportunity to furnish evidence regarding the unsecured loan.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(1)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Income Tax Appellate Tribunal, “K” BENCH, MUMBAI

Before: SHRI ABY T. VARKEY, JM & AMARJIT SINGH, AM

For Appellant: Shri C. V. Jain
Hearing: 21/06/2023Pronounced: 30/06/2023

O R D E R

More judgments on Section 68

All 29,931 judgments and leading authorities on Section 68 →

Recent GST High Court judgments

Search GST case law →