SYNERGY AUTO INC,ANDHERI EAST vs. INCOME TAX OFFICER, MUMBAI

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ITA 4600/MUM/2024Status: DisposedITAT Mumbai04 April 2025AY 2017-2018Bench: SHRI NARENDRA KUMAR BILLAIYA, HON'BLE (Accountant Member), SHRI ANIKESH BANERJEE, HON'BLE JUDICIAL MEMBER I.T.A. No. 4600/Mum/2024 Assessment Year: 2017-18 Synergy Auto Inc. Akhtar Compound Next to Hotel Peninsula Ghatkopar, Andheri Link Rd. Sakinaka, Andheri East Mumbai - 400072 [PAN: ABUFS2230H] अपीलार्थी/ (Appellant) Vs Income Tax Officer, Mumbai प्रत्यर्थी/ (Respondent) Assessee by: Shri Sukhsagar Syal, A/R Revenue by: Shri Bhangepatil Pushkaraj Ramesh, Sr. D/R सुनवाई की तारीख/Date of H1 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal condoned the delay in filing the appeal due to a medical emergency. It admitted additional evidence and restored the issue to the AO for fresh adjudication after providing the assessee with an opportunity of being heard.

What were the facts?

The assessee electronically filed its return of income for AY 2017-18, which was selected for scrutiny. During the assessment proceedings, the AO noticed an increase in unsecured loans and added Rs. 12,50,000/- as unexplained credits as the assessee could not justify them.

What were the issues?

Whether the addition of unsecured loans of Rs. 12,50,000/- as unexplained credits by the AO was justified and whether the assessee should be allowed to produce additional evidence.

Which sections of the Income-tax Act were involved?

Section 147,Section 148,Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “G” BENCH, MUMBAI

Before: SHRI NARENDRA KUMAR BILLAIYA, HON’BLE & SHRI ANIKESH BANERJEE, HON’BLE

For Appellant: Shri Sukhsagar Syal, A/R
Hearing: 03/04/2025Pronounced: 04/04/2025

O R D E R

PER NARENDRA KUMAR BILLAIYA, AM:

1.

This appeal by the assessee is preferred against the order dt. 01/03/2024, by NFAC, Delhi [hereinafter ‘the CIT(A)’], pertaining to AY 2017-18.

2.

The grievance of the assessee reads as under:- “1. The appellant prays your kind honor to condone the delay from our part and admit the appeal. 2. On the facts and in the circumstances of the case and in law, the learned commissioner of income tax (appeals) income tax department has erred in confirming the unsecured loan taken by the appellant amounting to Rs 12,50,000/- 3. On the facts and in the circumstances of the case and in law, the learned commissioner of income tax (appeals) income tax department has erred in confirming the unsecured loan taken by the appellant amounting to Rs 15,91,200/-.”

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