Shimmer Textiles Private Limited vs. Income Tax Officer

Parties Involved

Facts Summary

Shimmer Textiles Private Limited filed an appeal against the order passed by the Commissioner of Income-tax (Appeals)-4, Kolkata, dated 14.01.2020, arising out of the Assessment Order dated 28.03.2016, passed under Section 143(1) of the Income Tax Act, 1961 by the Income Tax Officer-Ward 12(3), Kolkata. The assessee raised several grounds of appeal, including the assessment of loan amounts and the disallowance of maintenance charges. The assessee also filed an application for condonation of delay in filing the appeal due to various reasons, including financial crisis and health issues. The Tribunal considered the appeal and found that the assessee's grounds were partly allowed.…

Legal Issues

• 1. Assessment of loan amounts under Section 41(1) of the Income Tax Act, 1961.
• 2. Disallowance of maintenance charges under Section 40(a)(ia) of the Income Tax Act, 1961.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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