Income Tax Officer-20(2)(1) vs. NDW Development Corporation LLP
Case No: ITA No. 3817/Mum/2025
Court: Income Tax Appellate Tribunal, Mumbai “B” Bench
Date: 1/1/2026
Parties Involved
RevenueIncome Tax Officer-20(2)(1)
AssesseeNDW Development Corporation LLP
Facts Summary
The assessee, NDW Development Corporation LLP, a limited liability partnership firm engaged in real estate development, filed its return of income declaring its total income as NIL for the assessment year 2022-23. The case was selected for scrutiny due to high liabilities in the Balance Sheet compared to low income/receipts declared in the ITR. The Assessing Officer (AO) issued notices under sections 143(2) and 142(1) of the Income Tax Act, 1961, but the assessee failed to comply. Consequently, …
Decision in favour of
Assessee
Legal Issues
- 1. Whether the AO erred in adding Rs. 48,47,70,093/- as unexplained money under section 69A without proper appreciation of the facts.
- 2. Whether the assessee successfully substantiated the identity, creditworthiness, and genuineness of the unsecured loan transactions.
2 more legal issues analysed in this judgement.
Precedents Relied Upon
4 precedents cited in this judgement.