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Facts
The assessee company's return of income was selected for scrutiny, and the Assessing Officer (AO) made an addition of Rs. 34,30,000/- to the total income over the returned loss. This addition was on account of unsecured loans from Piyali Trading Co. Pvt. Ltd., which the AO considered to be a bogus entity based on information received and dummy directors' admissions.
Held
The Tribunal observed that the assessee did not appear for the hearing nor filed an adjournment application, suggesting a lack of earnestness in pursuing the appeal. After reviewing the orders of the authorities below, the Tribunal found no infirmity and upheld the addition made by the AO, which was also confirmed by the CIT(A).
Key Issues
Whether the addition of unsecured loans from a non-genuine party was justified, and whether the CIT(A) erred in confirming the AO's action.
Sections Cited
143(3)
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Before: SHRI SANDEEP GOSAIN & SHRI PRABHASH SHANKAR
PER PRABHASH SHANKAR [A.M.] :- The present appeal arising from the appellate order dated 26.09.2025 is filed by the assessee against the order passed by the Learned Commissioner of Income-tax, Appeal, ADDL/JCIT(A)-7, Kolkata [hereinafter referred to as “CIT(A)