ACIT, Circle-7(1), Kolkata vs. Ugraya Foods And Feeds Pvt. Ltd

Parties Involved

Facts Summary

The assessee, Ugraya Foods And Feeds Pvt. Ltd, filed its return of income for the assessment year 2020-21 declaring a total income of Rs.23,48,56,350/-. The case was selected for scrutiny under CASS due to substantial unexplained loans received during the year. The Assessing Officer raised several issues, particularly regarding a loan of Rs.10,00,00,000/- received from M/s Bonn Suppliers Pvt. Ltd, which was alleged to be a bogus company. The Assessing Officer treated this loan as unexplained cash credit under section 68 of the Income Tax Act, making an addition of Rs.10,00,00,000/- in the assessee's total income. Aggrieved by this order, the assessee appealed to the CIT(A), which deleted the addition after considering the detailed submissions and evidence provided by the assessee. Dissatisfied, the revenue appealed to the Tribunal.…

Legal Issues

• 1. Whether the CIT(A) erred in deleting the addition of Rs.10,00,00,000/- without properly appreciating the merits of the case.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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