SIDDHA CONSTRUCTION,DADRA AND NAGAR HAVELI (UT) vs. THE DEPUTY COMMISSIONER OF INCOME TAX, VAPI CIRCLE , VAPI

This appeal has been filed by the assessee against the order passed by the Ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi, [hereinafter referred to as “Ld. CIT(A)”] dated 05.03.2025, under section 250 of the Income-tax Act, 1961 [in short “the Act”] for the Assessment Year 2012-13.

Heard arguments of both parties and perused the record. In this case, the addition of Rs.34,50,000/- on account of unsecured loan received from the assessee. In the present case, the assessment under section 143(3) has been conducted on 11.12.2014 wherein vide inquiry dated 20.10.2014 (Page 8 of the paper book), the then Assessing Officer duly inquired about the loan received by Asst. Year: 2012-13 - 2– the assessee. The assessee had taken bogus accommodation entries for the following persons, which are as under:

The assessee has filed duly reply along with the confirmation of ITRs of the loan parties (Page 15 of paper book) and having gone through the confirmations of ITRs, the then Assessing Officer has accepted the loan received by the assessee and no addition has been made. Further, the case of the assessee has been examined again by re-opening the order has been passed on 29.07.2016 reading the re-assessment inquiries, this deduction about the loans as well as the factum on non-deduction of TDS at the interest payment. The addition has been made under section 40a(ia) for non-deduction of TDS accepting the loan by the assessee. However, going to search in the case of Mr. Vipul Vidur Bhatt on 05.02.2016 based on his statement that Mr. Vipul Vidur Bhatt containing seven entities which are used to extend loans to different parties. Based on this information, the case of the assessee has been re-opened.