VENKATESHWARA WIRES PVT. LTD.,JAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, JAIPUR

ITA 322/JPR/2024Status: DisposedITAT Jaipur09 September 2024AY 2018-19Bench: DR. S. SEETHALAKSHMI (Judicial Member)1 pages
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What did the Tribunal hold?

The Tribunal held that the assessee had discharged its initial burden by providing confirmations and bank statements. The AO failed to provide conclusive direct or circumstantial evidence to prove that the loan amounts actually belonged to the assessee, making the addition based on suspicion.

What were the facts?

The assessee challenged an addition of Rs. 1,95,25,000/- made under Section 68 of the Income Tax Act for unexplained unsecured loans. The Assessing Officer (AO) made the addition as confirmations from 10 out of 24 parties were not fully satisfactory, and the remaining parties did not reply to notices.

What were the issues?

Whether the addition of unsecured loans under Section 68 is sustainable when the assessee provides confirmations and bank statements, and the AO fails to prove the funds belong to the assessee?

Which sections of the Income-tax Act were involved?

Section 68

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Income Tax Appellate Tribunal, JAIPUR BENCHES,”B” JAIPUR

Before: DR. S. SEETHALAKSHMI, JM & SHRI RATHOD KAMLESH JAYANTBHAI, vk;dj vihy la-@ITA No. 322/JP/2024

For Appellant: Adv. jktLo dh vksj ls@
Hearing: 06/08/2024Pronounced: 09/09/2024

PER: RATHOD KAMLESH JAYANTBHAI, AM

Because the above named assessee aggrieved by the order of National Faceless Appeal Centre, Delhi [ for short NFAC/CIT(A) ] dated 13/03/2024 for assessment year 2018-19, the present appeal is filed. That order of the ld. CIT(A) arises because the assessee has challenged the finding of the National e-Assessment Centre, Delhi [ for short NeAC or ld. AO ] vide order dated 24.03.20

The order continues below.

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