Mohan Lal Jain Vs. ACIT, Circle- Korba

Parties Involved

Facts Summary

Shri Mohan Lal Jain, the assessee, filed an appeal against the order passed by the Commissioner of Income-Tax (Appeals), National Faceless Appeal Center (NFAC), Delhi, dated 23.10.2023, which arose from the order passed by the Assessing Officer under Section 143(3) of the Income-tax Act, 1961, dated 29.12.2016 for the assessment year 2014-15. The assessee challenged the addition of Rs.23,05,130/- on account of unsecured loans from family members, disallowance of Rs.3,00,000/- on account of various expenses, and disallowance of Rs.56,436/- on account of interest paid to unsecured loan lenders. The assessee argued that the loans were genuine and the disallowances were arbitrary.…

Legal Issues

• 1. Addition of Rs.23,05,130/- on account of unsecured loans from family members.
• 2. Disallowance of Rs.3,00,000/- on account of various expenses.
• 3. Disallowance of Rs.56,436/- on account of interest paid to unsecured loan lenders.

Judgment Outcome

Decided in favour of Assessee.

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