Aye Finance (P) Ltd. vs ACIT
Case No: ITA No.4825/Del/2024
Court: Income Tax Appellate Tribunal, Delhi Benches
Date: 3/26/2025
Parties Involved
appellantAye Finance (P) Ltd.
respondentACIT, Circle 3(2), Delhi
Facts Summary
The assessee, Aye Finance (P) Ltd., is a private limited company engaged in providing micro and small business loans and is regulated by the RBI. The return of income for the year was filed at a loss, which was later revised. The case was picked up for complete scrutiny due to several reasons including low expenses for earning exempt income, high value cash receipts, large share premium received, introduction of large capital, low income compared to high loans/advances, and large value cash depo…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the addition of Rs.2,54,80,348/- on account of cash deposits by the AO is justified.