Texlables India Pvt. Ltd. vs. ITO, Ward-11(1), Kolkata
Parties Involved
Facts Summary
The case involves Texlables India Pvt. Ltd. appealing against an order of the NFAC, Delhi, dated 23.02.2026, which dismissed their appeal against an assessment order passed under Section 147 of the Income Tax Act, 1961. The assessee had taken an unsecured loan of Rs.23,00,000/- during the Financial Year 2018-19, which led to the reopening of their case. The Assessing Officer made an addition of Rs.23,00,000/- under Section 68 of the Act, which the assessee appealed against. The assessee provided documents to prove the genuineness of the loan transactions, including bank statements, audited accounts, and loan confirmations. The assessee argued that the loan was obtained through regular banking channels and had been fully repaid with interest. The respondent argued that the transactions were non-genuine due to the involvement of a shell company. The tribunal found that the Assessing Officer's addition was not sustained as the assessee had discharged their burden under Section 68 of the Act.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the addition made by the Assessing Officer under Section 68 of the Act is justified?
Judgment Outcome
Decided in favour of Assessee.
Similar Judgements
DCIT, Central Circle 7(1), Mumbai - 400020 Vs. Supreme Holdings & Hospitality (India), 1, Pearl Mansion N 91, M. Karve Road, Marine Lines, Mumbai - 400020
Mumbai Bench benchAY 2013-14, 2014-15, 2015-16, 2016-17DismissedDCIT, Circle-1 (1), Raipur Vs. Subh Raipur Vyapar Vihar Developers LLP
Raipur benchITO-3(1), Raipur Vs. Nandika Consultancy Services Pvt. Ltd.
Raipur benchBhavana Suresh Chauhan Vs ITO, Ward-42(1)(1), Mumbai
Income Tax Officer-27(3)(1), Mumbai - 400706 Vs. Savla Associates
Mumbai benchAY 2020-21DismissedVidur Chharia Vs. DCIT/ACIT, Central Circle, Ghaziabad
Delhi Bench benchAY 2017-18Partly Allowed