HARTEK POWER PRIVATE LIMITED,MOHALI vs. INCOME TAX OFFICER, CHANDIGARH

IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, CHANDIGARH PHYSICAL HEARING BEFORE HON’BLE SHRI LALIET KUMAR, JM AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM आयकर अपील सं./ ITA No.102/CHANDI/2026 (िनधा�रण वष� / Assessment Year: 2020-21) M/s Hartek Power Private Limited ITO Ward – 6(1) बनाम/ Plot No. F-321, SAS Nagar, Phase – 8B Chandigarh Vs. Rupnagar, Mohali, Punjab – 160055 �ायीलेखासं./जीआइआरसं./PAN/GIR No. AAGCA-4107-P (अपीलाथ�/Appellant) (��थ� / Respondent) : अपीलाथ�कीओरसे/ Appellant by : Sh. T.N. Singla (CA) – Ld. AR ��थ�कीओरसे/Respondent by : Sh. Manav Bansal (CIT) – Ld. DR सुनवाईकीतारीख/Date of Hearing : 25-05-2026 घोषणाकीतारीख /Date of Pronouncement : 02-06-2026 आदेश / O R D E R Manoj Kumar Aggarwal (Accountant Member) 1. Aforesaid appeal by assessee for Assessment Year (AY) 2020-21 arises out of an order of learned Commissioner of Income Tax (Appeals), NFAC [CIT(A)] dated 30-12-2025 in the matter of an assessment framed by Ld. Assessing Officer [AO] u/s 147 of the Act on 24-03-2025. 2. The Ld. AR advanced arguments and assailed the twin addition as made by Ld. AO which has been confirmed by Ld. CIT(A). The Ld.

CIT-DR stated that the outcome of assessee’s appeal for AY 2019-20 would have material bearing on the issue of interest disallowance. It also transpires that assessee’s appeal for AY 2019-20 is pending for adjudication before Ld. CIT(A). In terms of all these facts, the appeal is disposed-off as under. 3. In the assessment order, Ld. AO doubted the creditworthiness and genuineness of unsecured loan of Rs.25 Lacs as taken by the assessee from M/s LVS Financial Services Pvt. Ltd. (LVS).The assessee’s case was reopened pursuant to receipt of information from investigation wing that the assessee received unsecured loans from two entities viz. M/s High Rise Securities and Trading Pvt. Ltd. (High Rise) and M/s LVS Financial Services Pvt. Ltd. (LVS). These entities were alleged to be entry providers being managed and controlled by one Shri Himanshu Verma. A notice u/s 148 was accordingly issued to the assessee on 30-03-2024, The assessee had filed regular return of income on 25-11-2020. The assessee admitted that it received loans from two entities and paid interest on these loans. The loan from High Rise was taken during FY 2018-19 whereas the loan from LVS was taken during FY 2019-20. Going by the search findings in the case of M/s Galaxy group and recorded statement of Shri Himanshu Verma, Ld. AO rejected the claim of the assessee. The assessee had paid interest of Rs.15.30 Lacs to M/s High Rise which was held to be bogus. The loan received from this entity was held to be taxable in FY 2018-19. The loan taken from LVS for Rs.25 Lacs during this year along with interest paid to this entity was also added as the income of

the assessee u/s 68&69C. The Ld. CIT(A) confirmed the assessment against which the assessee is in further appeal before us. 4. It emerges that these two entities belong to the same group and identical addition has been made by Ld. AO for one of the entities during FY 2018-19. The assessee’s first appeal against the same is pending before Ld. CIT(A), the adjudication of which would have direct bearing on consequential interest addition for this year. Therefore, we deem it fit to set aside the impugned order and restore this appeal back to the file of Ld. CIT(A) for de novo adjudication in the light of outcome of first appellate decision for AY 2018-19. The issue of addition of M/s LVS shall also be reconsidered by Ld. CIT(A). All the issues are kept open. The appeal stand allowed for statistical purposes. 5. Order pronounced on 02nd June, 2026.

-Sd- -Sd- (LALIET KUMAR) (MANOJ KUMAR AGGARWAL) JUDICIAL MEMBER ACCOUNTANT MEMBER AS Dated: 02.06.2026 आदेश की �ितिलिप अ�ेिषत /Copy of the Order forwarded to : 1. अपीलाथ�/Appellant 2. ��थ�/Respondent 3. आयकरआयु�/CIT 4. िवभागीय�ितिनिध/DR 5. गाड�फाईल/GF ASSISTANT REGISTRAR

ITAT CHANDIGARH