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Before: SHRI SAKTIJIT DEY & SHRI PRABHASH SHANKAR
PER PRABHASH SHANKAR [A.M.] :- The present appeal is filed by the assessee against the order passed by the Learned Commissioner of Income-tax (Appeals)/NFAC, Delhi [hereinafter referred to as “CIT(A)"] pertaining to assessment order passed u/s.143(3) r.w.s.144B of the Income-tax Act, 1961 [hereinafter referred to as “Act”] dated 20.04.2021 for the Assessment Year [A.Y.] 2018-19. Page 2 A.Y. 2018-19 Endura Soft Solution Private Limited
The grounds of appeal are as under:-
On given facts, circumstances and judicial pronouncements Hon. CIT (Appeals) erred in confirming addition made under section 68 for loan availed during the year amounting to Rs.2,83,56,010 from M/s. Sunglow Fininvest Private Limited (NBFC). Such addition is bad in law and liable to be deleted.
Without prejudice to the above, On given facts, circumstances and judicial pronouncements Hon. CIT (Appeals) erred in confirming addition made under section 68 for loan availed during the year amounting to Rs.2,83,56,010 from M/s. Sunglow Fininvest Private Limited (NBFC) because the lender had incurred losses during the year. Such addition made is bad in law and liable to be deleted.
On given facts, circumstances and judicial pronouncements Hon. CIT (Appeals) erred in confirming addition made under section 68 for interest on entire loan credited to the account of M/s. Sunglow Fininvest Private Limited (NBFC) during the year amounting to Rs.1,99,67,364. Such addition of Interest is bad in law and liable to be deleted.
Without prejudice to the above, On given facts, circumstances and judicial pronouncements Hon. CIT (Appeals) erred in confirming addition made under section 68 for interest on entire loan credited to the account of M/s. Sunglow Fininvest Private Limited (NBFC) during the year amounting to Rs.1,99,67,364. Such addition of Interest on entire loan balance is excessive in facts and is bad in law and liable to be reduced.
When the case was called for hearing before the Bench, the ld.AR of the assessee pleaded for withdrawing the instant appeal. The request was duly considered and is granted by us. Page 3 A.Y. 2018-19 Endura Soft Solution Private Limited
In the result, the appeal having been withdrawn accordingly is dismissed. Order pronounced in the open court on 24.07.2025. SAKTIJIT DEY (VICE PRESIDENT) Place: मुंबई/Mumbai दिनांक / Date 24.07.2025 Lubhna Shaikh / Steno PRABHASH SHANKAR (ACCOUNTANT MEMBER) आदेश की प्रतिलिपि अग्रेषित/