RANVIR JALUKA,KOLKATA vs. I.T.O., WARD - 9(1),, KOLKATA
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Income Tax Appellate Tribunal, “B” BENCH, KOLKATA
Per Rajesh Kumar, AM:
This is an appeal preferred by the assessee against the order of the National Faceless Appeal Centre, Delhi (hereinafter referred to as the “Ld. CIT(A)”] dated 16.07.2024 for the AY 2016-17.
The only issue raised by the assessee is against the confirmation of addition of ₹20 lacs by the ld. CIT (A) as made by the ld. AO on account of bogus unsecured loans and confirmation of interest thereon amounting to ₹53,330/-.
The facts in brief are that the assessee filed the return of income on 21.06.2016, declaring total income of ₹31,29,040/-. The case of the assessee was reopened u/s 147 of the Act by issuing notice u/s 148
In the appellate proceedings, the ld. CIT (A) confirmed the order of the ld. AO by holding that assessee has failed to discharge onus cast upon proving the identity, creditworthiness and genuineness of the transitions of ₹20,53,330/- from M/s Fastspeed Realcon Pvt. Ltd. and therefore, additions were rightly made by the ld. AO.
After hearing the rival contentions and perusing the materials available on record, we find that the assessee has borrowed unsecured loan of ₹ 20 lacs from Fastspeed Realcon Pvt. Ltd. a company belonging to Banka Group of companies n F.Y. 2015-16,
In the result, the appeal of the assessee is allowed.
Order pronounced in the open court on 31.01.2025.
Sd/- Sd/- (PRADIP KUMAR CHOUBEY) (RAJESH KUMAR) (JUDICIAL MEMBER) (ACCOUNTANT MEMBER) Kolkata, Dated:31.01.2025 Sudip Sarkar, Sr.PS
Copy of the Order forwarded to : 1. The Appellant 2. The Respondent 3. CIT DR, ITAT, 4. 5. Guard file. BY ORDER, True Copy//
Sr. Private Secretary/ Asst. Registrar Income Tax Appellate Tribunal, Kolkata