A & M Home Solution Private Limited Vs ITO, Ward-7(1), Kolkata

Parties Involved

Facts Summary

The assessee, A & M Home Solution Private Limited, filed its return of income for the assessment year 2012-13 on 24.09.2012 declaring a total income of Rs.3,41,475/-. The Assessing Officer made an addition of Rs.83,52,140/- as unsecured loans and added it back to the total income of the assessee under section 68 of the Income Tax Act, 1961. On appeal, the Learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi sustained the addition. Aggrieved by this, the assessee filed an appeal before the Income Tax Appellate Tribunal. The appeal was fixed several times but was adjourned at the request of the assessee. On the day of hearing, no one appeared on behalf of the assessee.…

Legal Issues

• 1. Whether the order of the National Faceless Appeal Centre (NFAC) is contrary to law and the facts of the appellant’s case regarding the addition on account of unexplained cash credit.
• 2. Whether the NFAC erred in confirming the order of the Assessing Officer regarding the addition of Rs.83,52,140/- as unsecured loan received by the appellant as unexplained cash credit.
• 3. Whether the NFAC ignored the fact that out of the unsecured loan of Rs.83,52,140/-, the loan amount of Rs.67,00,000/- taken in the preceding previous year cannot be added back under section 68 to subsequent year income by claiming them as unexplained.

Judgment Outcome

Decided in favour of Assessee.

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