Aman Jain vs. Income-tax Officer, Ward 34(5), New Delhi

Parties Involved

Facts Summary

This appeal is directed by the assessee, Aman Jain, against the order dated 14.03.2024 passed by the Commissioner of Income Tax(Appeals)/National Faceless Assessment Centre (NFAC), Delhi, pertaining to assessment year 2021-22. The appeal arises out of the assessment order passed under section 143(3) r.w.s. 144B of the Income Tax Act 1961. The assessee, who is an individual managing his proprietorship business dealing in scrap, has challenged the disallowance of Rs.2,13,214 under Chapter VIA of the Act for which he failed to produce evidence of an insurance policy. Additionally, the assessee has challenged the additions made on account of unexplained cash credits in the capital account and additions of unsecured loans claimed to be received from a banking channel. The assessee also challenges a disallowance of purchases and corresponding balances of sundry creditors. Additional evidences were filed by the assessee to support his claims.…

Legal Issues

• 1. Disallowance of Rs.2,13,214 under Chapter VIA of the Act
• 2. Additions made on account of unexplained cash credits
• 3. Additions of unsecured loans claimed to be received from banking channel
• 4. Disallowance of purchases and corresponding balances of sundry creditors

Judgment Outcome

Decided in favour of Assessee.

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