ITA No.3297 & 3298 /Mum/2024 JSK Industries Pvt Ltd

Parties Involved

Facts Summary

During both the assessment years, the assessments were completed. For A.Y. 2018-19, the interest on loan amount to Rs.62,58,289/- was added back under section 69C of the Act. For A.Y. 2010-11, the loan amount to Rs.20,39,75,800/- was added back related to the loan taken from 3 entities. The assessee filed an appeal before the Commissioner of Income-tax (Appeals) which was allowed. The revenue filed appeals against this order.…

Legal Issues

• 1. Whether the Commissioner of Income-tax (Appeals) erred in deleting the additions made by the Assessing Officer in respect of interest paid on unsecured loan u/s 69C of the Income Tax Act, 1961.
• 2. Whether the Commissioner of Income-tax (Appeals) was justified in holding that the statements have no evidentiary value.

Judgment Outcome

Decided in favour of Revenue.

Precedents Relied Upon

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