Amar Pratap Steels Pvt. Ltd. vs. ITO

Parties Involved

Facts Summary

The assessee, Amar Pratap Steels Pvt. Ltd., filed an appeal against the order of the National Faceless Appeal Centre, Delhi, which upheld the assessment order passed by the Income Tax Officer, Ward-7(1), Jaipur. The assessee challenged the addition of Rs. 1,50,00,000 as unexplained cash credit under Section 68 of the Income Tax Act, 1961, and the disallowance of Rs. 4,71,202 for delayed payment of employees' contribution to PF and ESI. The assessee argued that the loans were genuine and made through proper banking channels, and the addition was made without providing an opportunity for cross-examination. The ld. CIT(A) dismissed the appeal, holding that the addition was sustained based on the statements of Shri Praveen Kumar Jain. The assessee further appealed to the ITAT, Jaipur.…

Legal Issues

• 1. Addition of Rs. 1,50,00,000 as unexplained cash credit under Section 68
• 2. Disallowance of Rs. 4,71,202 for delayed payment of employees' contribution to PF and ESI

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

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