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Not having a substantial income does not mean that a company cannot give loans, rules ITAT

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Court :
ITAT Mumbai

Brief :
This appeal by the Revenue is directed against the order of learned CIT(A) dated 22.3.2019 and pertains to Assessment Year 2013-14.

Citation :
I.T.A. No. 4079/Mum/2019

THE INCOME TAX APPELLATE TRIBUNAL
“G” Bench, Mumbai
 Shri Shamim Yahya (AM) & Shri Pavankumar Gadale (JM)

 I.T.A. No. 4079/Mum/2019 (Assessment Year 2013-14)

JCIT(OSD)-CC-7(4)
Room No. 659
Aayakar Bhavan
M.K. Road
Mumbai-400 020.
PAN : AAACS6732N
(Appellant) 

Vs.

M/s. Shalimar Housing &
Finance Ltd.
505, Shalimar Morya Park
Andheri West
Mumbai-400 053.
(Respondent)

Assessee by Shri Vijay Mehta
Department by Shri Rajesh Kumar

Date of Hearing 16.03.2021
Date of Pronouncement 01.06.2021

 O R D E R

Per Shamim Yahya (AM) :-

This appeal by the Revenue is directed against the order of learned CIT(A) dated 22.3.2019 and pertains to Assessment Year 2013-14.

2. The grounds of appeal read as under :

1. "Whether on the facts and circumstances of the case and in law, the CIT(A) was justified in deleting the addition of Rs. 13,10,50,000/- on account of unexplained cash credit u/s 68 of the I T Act, which the assessee obtained from dubious companies providing accommodation entries and having no justified financials for lending such money."

2. "Whether on the facts and circumstances of the case and in law, the CIT(A) was justified in deleting the addition of Rs. 69,10,117/- made on account of deduction claimed by the assessee for interest payment on unexplained unsecured loan from dubious lenders."

3. Brief facts of the case are that the Assessing Officer observed in the assessment order that the assessee has shown unsecured loans from various parties totalling to Rs. 16,54,00,000/-. He had asked the assessee to furnish the details of the unsecured loans alongwith loan confirmations and interest paid. According to him, the assessee submitted a list of 22 parties  from whom loans of Rs. 13,87,50,000/- have been taken by the assessee during the year. The loans received by the assessee party-wise are as under:

To know more in details find the attachment file

 

Guest
on 08 June 2021
Published in Income Tax
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