JAISWAL RICE MILL,LAKHIMPUR KHERI vs. ITO-3(4), LAKHIMPUR, LAKHIMPUR KHERI

ITA 275/LKW/2026Status: DisposedITAT Lucknow15 May 2026AY 2020-216 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found no material to support the diversion of interest-bearing funds for the loan and no rational basis for the 12% interest rate used. The matter was restored to the Assessing Officer for a fresh examination.

What were the facts?

The assessee's appeal against an ex-parte assessment order and CIT(A) order for AY 2020-21 was heard. The addition of Rs. 6,00,000 was made on account of 'deemed interest' on an interest-free loan given to an individual.

What were the issues?

Whether the addition of deemed interest on an interest-free loan was justified, and if the assessment proceedings were conducted with proper opportunity and jurisdiction.

Which sections of the Income-tax Act were involved?

Section 147,Section 148,Section 151A

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, LUCKNOW BENCH ‘SMC’, LUCKNOW

Before: SHRI ANADEE NATH MISSHRA

PER ANADEE NATH MISSHRA:A.M.

(A) This appeal has been filed by the assessee against the impugned appellate order of learned CIT(A)/NFAC, Delhi vide order dated 20.01.2026 for the AY 2020-21. The assessee has raised the following grounds of appeal:

“1. That the Id. CIT (A), NFAC erred on facts and in law in passing the appeal order ex-parte without granting the proper opportunity of being heard to appellant and accordingly the appeal order is liable to be set aside.

2.

That the Id. CIT (A), NFAC erred on facts and in law in sustaining the assessment order without appreciating the fact that appellants submission were not considered during the assessment proceedings and assessment order was passe

The order continues below.

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