M/s. Safal Commodeal Private Limited
Case No: ITA No. 732/KOL/2025
Court: INCOME TAX APPELLATE TRIBUNAL, ‘SMC’ BENCH, KOLKATA
Date: 10/30/2025
Parties Involved
appellantSafal Commodeal Private Limited
respondentIncome Tax Officer, Ward-1(1), Kolkata
Facts Summary
The assessee-Company, Safal Commodeal Private Limited, filed its return of income electronically on 31.03.2017 declaring total income of Rs.1,22,880/- for the assessment year 2016-17. A notice under section 148 of the Income Tax Act, 1961 was issued to the assessee on 04.05.2021 after obtaining prior approval of the Competent Authority. The assessee-Company is alleged to have taken a loan amounting to Rs.40,00,000/- from a shell entity managed and controlled by Nawal Kishore Jalan during the fin…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the assessee-Company received an unsecured loan of Rs.40,00,000/- from a shell entity managed and controlled by Nawal Kishore Jalan during FY 2015-16?