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ITAT Admits New Evidence, Sends Rs. 90 Lakh Addition Back to AO
Case Law Details
- Case Name
- Parasnath Fuels Pvt. Ltd. Vs DCIT (ITAT Dehradun)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Dehradun
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Parasnath Fuels Pvt. Ltd. Vs DCIT (ITAT Dehradun)
Rule 29 Rescues Assessee- Loans Need Fresh Look: ITAT Admits New Evidence, Sends Rs.90 Lakh Addition Back to AO
Assessee appealed against NFAC order dated 08.10.2024 sustaining addition of Rs.90,00,000/- u/s 68 r.w.s 115BBE towards unsecured loans from M/s Yogya Shippings Pvt. Ltd. (Rs.50 lakh) & M/s Rajusha Textiles Pvt. Ltd. (Rs.40 lakh). During assessment u/s 147, AO noted that though Assessee filed loan confirmations, bank statements & lenders’ ITR acknowledgements, financial statements of lenders were not filed. AO treated loans ...
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