Talha Abbas Mukhi vs. Income Tax Officer, Ward 2(4) Thane

Parties Involved

Facts Summary

The appellant, Talha Abbas Mukhi, had purchased immovable properties during the relevant previous year and had borrowed an amount of INR 94,00,000/- from friends and relatives and a loan of INR 35,00,000/- from Fountain Paradise Private Limited, a company in which the appellant was a director. The Assessing Officer had noted that the appellant had failed to establish the genuineness of the transactions and creditworthiness of the parties and therefore, an addition of INR 30,99,000/- was made in the hands of the appellant. The appellant had filed an appeal against the assessment order, which was dismissed by the Commissioner of Income Tax (Appeals). The appellant then filed an appeal before the Tribunal, challenging the order of the Commissioner of Income Tax (Appeals). The Tribunal has considered the submissions and material on record and has partly allowed the appeal for statistical purposes.…

Legal Issues

• 1. Whether the addition of INR 30,99,000/- made under Section 68 of the Act was warranted?

Judgment Outcome

Decided in favour of Assessee.

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