Asstt. Commissioner of Income-tax v. M/s. Cube Mines and Minerals Pvt. Ltd.

Parties Involved

Facts Summary

The case involves four appeals filed by the Revenue against the order of the Commissioner of Income Tax (Appeals) in Ahmedabad. The appeals relate to different assessees within the Cube Group, specifically M/s. Cube Mines and Minerals Pvt. Ltd., M/s. Iolite Cube Inframaterial Ltd., and M/s. Aikya Chemicals Pvt. Ltd. The primary issue in these cases is the addition made by the Assessing Officer in respect of unsecured loans received from M/s. Blackberry Ventures Pvt. Ltd. (BVPL), a company that was acquired by the Cube Group. The assessees had received unsecured loans from BVPL, which was alleged to be a paper company. The Assessing Officer rejected the evidence provided by the assessees, claiming the loans were not genuine. The Commissioner of Income Tax (Appeals) deleted the addition, leading to the Revenue's appeal.…

Legal Issues

• 1. The genuineness of the unsecured loan received from BVPL.

Judgment Outcome

Decided in favour of Revenue.

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