The CIT(A) upheld the disallowance in both years, primarily on the basis that the genuineness of the loans had not been established, and therefore, the interest paid on such loans could not be allowed.
AO observed that a perusal of the books of account (specifically cash book) of the companies, revealed that an amount of Rs.75 lacs and Rs.25 lacs respectively were given by both companies on imprest account to the assessee.
Petitioner engaged in manufacturing of Viscose Filament Yarn and allied chemicals and transferred the same to various depots/godowns /warehouses in different states upon payment of GST.
ITAT Pune held that addition towards short term capital gain based on unregistered agreement cannot be sustained since revenue has not brought any evidence on record that possession of property is actually handed over to the purchaser.
Gujarat High Court held that issuance of notice u/s. 148A(b) of the Income Tax Act in the name of deceased person is not sustainable since petitioner already registered legal heir. Thus, notice and order thereof quashed and set aside.
Post completion of assessment, information was received from DDIT(Inv.) Unit-5(2), Mumbai that the share of Gemstone Investment Ltd. was a penny stock and assessee was a beneficiary from trading of the above shares.
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