Tara Hospitality Private Limited vs Income Tax Officer

Parties Involved

Facts Summary

The assessee, Tara Hospitality Private Limited, filed a return admitting a loss of Rs. 6,85,303/-. During the assessment, the Assessing Officer (AO) found that the assessee had taken a loan of Rs. 1,45,75,891/- from three different parties, as per the audit report. The AO added this amount back as unexplained cash credit under section 68 of the Income Tax Act, 1961. The assessee did not get an opportunity to submit documents in relation to this addition. The assessee filed an appeal before the Commissioner of Income Tax (Appeals) (CIT(A)), which was also passed ex parte and upheld the assessment order. The assessee then filed an appeal before the Income Tax Appellate Tribunal (ITAT).…

Legal Issues

• 1. Whether the assessee was afforded a reasonable opportunity of being heard during the assessment and appellate proceedings.

Judgment Outcome

Decided in favour of Assessee.

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