Venkateshwara Wires Pvt Ltd. vs. ACIT

Parties Involved

Facts Summary

Venkateshwara Wires Pvt Ltd. filed an appeal against the order of the National Faceless Appeal Centre, Delhi, which confirmed the addition of Rs. 1,95,25,000/- under section 68 of the Income Tax Act, 1961. The assessee had taken unsecured loans from 24 different parties during the year under consideration. The Assessing Officer issued notices under section 133(6) of the Act to these parties, but only 10 parties responded. The Assessing Officer made the addition based on the non-response from the remaining 14 parties. The assessee argued that the loans were genuine and had been squared up during the year. The assessee provided confirmations, PAN numbers, and bank statements to support the genuineness of the transactions.…

Legal Issues

• 1. Whether the ld. CIT(A) erred in confirming the addition of Rs. 1,95,25,000/- u/s 68 of the Act without considering the evidences filed by the assessee.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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