Sidhi Vinayak Foundation Vs. Income Tax Officer

Parties Involved

Facts Summary

The appellant, Sidhi Vinayak Foundation, a Society registered under the Haryana Registration and Regulation of Societies Act, 2012, is engaged in educational activities and runs a school named 'The Millennium School'. During the assessment year 2018-19, the appellant received unsecured loans amounting to Rs.2,87,00,000/- from three persons, including Shri Chander Hash, who advanced a loan of Rs.16,00,000/-. The Assessing Officer (AO) required the appellant to prove the identity, creditworthiness, and genuineness of the borrowings from Shri Chander Hash. The appellant provided various documents but could not furnish a statement of affairs due to Shri Chander Hash's critical medical condition. The AO rejected the submissions and added Rs.16,00,000/- as income from unexplained sources. The appellant appealed to the Commissioner of Income Tax (Appeals), who also rejected the submissions and dismissed the appeal.…

Legal Issues

• 1. Determination of creditworthiness of Shri Chander Hash who advanced an unsecured loan of Rs.16,00,000/- to the appellant.

Judgment Outcome

Decided in favour of Assessee.

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