Lumino Industries Limited Vs. DCIT, CC 2(3)
Parties Involved
Facts Summary
The assessee, Lumino Industries Limited, filed its return of income on 16.01.2021, declaring a total income of ₹128,90,00,980/-. The assessment was framed under section 143(3) on 30.09.2022, assessing the total income at ₹1,30,24,65,800/-. A search action under section 132 of the Act was conducted on 15.03.2022, on the Goel Group, of which the assessee is a flagship company. During the search, it was found that the assessee had taken an unsecured loan from a shell entity and paid interest thereon. The Assessing Officer (AO) added ₹15,00,000/- as unexplained cash credit under section 68 of the Act. The assessee appealed against this addition, providing all evidences regarding the loan. The Commissioner of Income-tax (Appeals) (CIT(A)) confirmed the addition, which the assessee further appealed against.…
Decision in favour of
Assessee
Legal Issues
- 1. Confirmation of addition of ₹15,00,000/- as unexplained cash credit u/s 68 of the Act.
- 2. Disallowance of interest amounting to ₹13,315/- paid to EAPL.
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
2 precedents cited in this judgement.
Similar Judgements
DCIT, Central Circle -2(3) Vs. Maxcab Industries Pvt. Ltd.
Kolkata benchAY 2021-22DismissedB.R. Goel & Sons (AY: 2020-21)
DCIT, Central Circle 7(1), Mumbai - 400020 Vs. Supreme Holdings & Hospitality (India), 1, Pearl Mansion N 91, M. Karve Road, Marine Lines, Mumbai - 400020
Mumbai Bench benchAY 2013-14, 2014-15, 2015-16, 2016-17DismissedAsst. Commissioner of Income Tax, Central Circle vs. M/s Round Square Exim Pvt. Ltd.
Delhi Bench ‘F’ benchAY 2012-13 to 2015-16DismissedDCIT (OSD), Range 10 vs. M/s. Gulshan Polyols Limited
Delhi Bench 'B' benchAY 2019-20DismissedAnirudh Khemka Vs. ITO, Ward 30(7)
Kolkata Bench benchAY 2017-18Allowed