Ashok Kumar Singh Vs. ACIT

Parties Involved

Facts Summary

The reassessment proceedings under Section 147 of the Income Tax Act, 1961 were initiated against Ashok Kumar Singh based on an information alleging an unexplained credit of Rs. 1,00,00,000/- from M/s Triconnect Infra India Private Limited. The appellant explained that the amount was a genuine loan received through banking channels and provided supporting documents. However, the Assessing Officer issued an order under Section 148A(d) and made an addition of Rs. 1,00,00,000/- as unexplained income, which was confirmed by the First Appellate Authority. The appellant appealed against this order, arguing that there is no requirement for individuals to disclose loans in their Income Tax Returns and that the Assessing Officer's order was mechanical and vague.…

Legal Issues

• 1. Whether the addition made by the Assessing Officer for the unexplained credit of Rs. 1,00,00,000/- is sustainable in law?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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