AMI INDUSTRIES,SURENDRANAGAR vs. THE ITO WARD 1, SURENDRANAGAR, SURENDRANAGAR

ITA 148/RJT/2026Status: DisposedITAT Rajkot29 September 2026AY 2017-186 pages
AI SummaryAllowed

What were the facts?

The assessee, engaged in cotton business, filed its return for AY 2017-18. The Assessing Officer made additions for unexplained cash credits from unsecured loans, disallowed proportionate interest on bank loans, and disallowed discount expenses claimed.

What did the Tribunal hold?

The Tribunal held that the unsecured loans were either repaid or supported by sufficient evidence, and the discount expenses were a normal business expenditure. Therefore, the additions made by the Assessing Officer were not justified.

What were the issues?

Whether unsecured loans were genuine and supported by evidence, and whether discount expenses were a valid business expenditure.

Which sections of the Income-tax Act were involved?

Section 68,Section 115BBE,Section 36(1)(iii)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, Rajkot Bench, Rajkot

Before: Dr. BRR Kumar & Shri Sonjoy Sarma

For Appellant: Shri Tej Shah, Ld. AR
For Respondent: Shri Gopi Nath Chaubey, Ld. Sr. DR
Hearing: 28/07/2026Pronounced: 29/09/2026

Per, Shri Sonjoy Sarma, JM: Captioned appeal filed by the assessee, pertaining to Assessment Year (AY) 2017-18, is directed against the order under section 250 of the Income-tax Act, 1961 [hereinafter referred to as ‘the Act’] passed by the National Faceless Appeal Centre [hereinafter referred to as ‘NFAC’], dated 12.11.2025, which in turn arises out of an order passed by assessing officer u/s. 143(3) of the Act, dated 24.12.2019. 02. Brief facts of the case are that the assessee is a firm engaged in the business of manufacturing of cotton b

The order continues below.

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