Vinayak Oil & Fats Private Limited Vs. Asst. Commissioner of Income Tax, Circle 13(1)
Parties Involved
Facts Summary
The assessee, Vinayak Oil & Fats Private Limited, filed its return of income on 30.09.2015, declaring a total income of ₹60,75,580/-. The case was reopened under section 147 of the Act by issuing a notice under section 148 on 29.03.2021, which was complied with by the assessee. The assessee raised an unsecured loan of ₹60 lacs from M/s Bluemotion Exports Pvt. Ltd., on which interest was duly paid after deducting Tax Deducted at Source, which was also deposited with the Government. The loan was repaid on 01.04.2015, and the outstanding interest was paid on 16.04.2015. The Assessing Officer (AO) added the loan amount as unexplained cash credit under section 68 of the Act. The assessee provided all relevant documents such as loan confirmation and bank statements, but the AO claimed that the lender did not comply with the notice under section 133(6) of the Act.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the addition of ₹60 lacs as unexplained cash credit by the AO is justified.
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
1 precedent cited in this judgement.
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