M/s. Bhasin Motors Pvt. Ltd. vs. ACIT

Parties Involved

Facts Summary

The assessee, M/s. Bhasin Motors Pvt. Ltd., filed twin appeals against the Commissioner of Income Tax (Appeals)-23's order dated 11.01.2019. The appeals pertain to proceedings under section 143(3) and 271(1)(c) of the Income-tax Act, 1961. The assessee raised several grounds of appeal, including the enhancement of Rs. 3,60,00,000/- against the addition of Rs. 80,00,000/-, the legality of the enhancement, and the imposition of penalty under section 271(1)(c). The Revenue argued that the Assessing Officer's and CIT(A)'s actions should be upheld as the unsecured loans were treated as unexplained cash credits under section 68 of the Act.…

Legal Issues

• 1. Enhancement of Rs. 3,60,00,000/- against the addition of Rs. 80,00,000/-
• 2. Validity of section 68 addition of Rs.80 lakhs
• 3. Imposition of section 271(1)(c) penalty

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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