PODDAR FININ COSULTANCY PVT.LTD,RAIGAD vs. INCOME-TAX OFFICER, WARD - 3, PANVEL

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ITA 1007/PUN/2018Status: DisposedITAT Pune23 September 2022AY 2014-1512 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the addition of Rs. 12.10 crores as unexplained cash credit. The assessee failed to discharge the onus of proving the genuineness and creditworthiness of the creditors, even after remand proceedings.

What were the facts?

The assessee introduced unsecured loans of Rs. 12.10 crores from two entities. The Assessing Officer (AO) and CIT(A) treated these as unexplained cash credits as the assessee failed to establish the identity, creditworthiness, and genuineness of the transactions.

What were the issues?

Whether the unsecured loans introduced by the assessee were genuine and properly explained as per Section 68 of the Income Tax Act.

Which sections of the Income-tax Act were involved?

Section 68

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Income Tax Appellate Tribunal, “B” BENCH, PUNE

Before: SHRI S.S.GODARA, JM & SHRI DR. DIPAK P. RIPOTE, AM

For Respondent: Shri Sardar Singh Meena
Hearing: 18.07.2022Pronounced: 23.09.2022

आदेश की प्रधतधलधप अग्रेधषत / Copy of the Order forwarded to : अपीलाथी / The Appellant. 1. प्रत्यथी / The Respondent. 2. 3. The CIT(A)-2, Thane. 4. The Pr.CIT-2, Thane. धवभागीय प्रधतधनधध, आयकर अपीलीय अधधकरण, “बी” बेंच, 5. पुणे / DR, ITAT, “B” Bench, Pune. गार्ा फ़ाइल / Guard File. 6. आदेशानुसार / BY ORDER, // True Copy // Senior Private Secretary आयकर अपीलीय अधधकरण, पुणे / ITAT, Pune.

Poddar Finin Consultancy P.Ltd., S.No. Details Date Initials 1 Draft dictated on 18.07.2022 2 Draft placed before author 23.09.2022 Draft proposed & placed before the Second 3 Member 4 Draft discussed/approved by Second Member 5 Approved Draft comes to the Sr. PS/PS 6 Kept for pronouncement on 7 Date of uploading of Order 8 File sent to Bench Clerk 9 Date on which the file goes to the Head Clerk 10 Date on which file goes to the A.R. 11 Date of Dispatch of order

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