Sh. Naresh Parwal Vs. ITO

Parties Involved

Facts Summary

The assessee, Sh. Naresh Parwal, conducted business of finance & money lending and brokerage. A search was conducted at his business premises, where cash and documents relating to his brokerage activity were found. The assessee surrendered undisclosed income and offered to tax unaccounted funds. However, the Assessing Officer (AO) added an amount of Rs.4,85,37,833/- as money lending investment and Rs.58,24,540/- as interest earned thereon. The Income Tax Appellate Tribunal (ITAT) had previously restored the issue to the AO for verification. The Commissioner of Income Tax, Appellate (CIT(A)) confirmed the AO's order, leading to the present appeal.…

Legal Issues

• 1. Whether the Ld. CIT(A) rightly confirmed the order passed by the AO in the second round ex parte confirming both the addition on account of alleged debtors amounting to Rs.4,85,37,833/- and interest earned thereon by the assessee amounting to Rs.58,24,540/-.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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